MANTLE (MNT)
Not officially but you can say that MNT is the native token of Bybit. MNT is part of the BitDAO ecosystem, the largest decentralized autonomous organizations (DAOs) in the crypto space. It allows people to use Ethereum without paying high gas fees. It is an extra layer on Ethereum where people can use apps and make transaction on ETH quickly with low gas fees. Mantle is one of the first Layer 2 scaling solutions for Ethereum that is governed and led by a DAO. This means that decisions about the network's development and upgrades are made by the community, specifically by holders of the BIT or MNT token within the BitDAO ecosystem.
Mantle is based on modular blockchain which allows it to interact and develop with different components in the network independently like Execution, Settlement, Consensus and Data Availability.
If you wanna read more about modular and monolithic blockchain in detail, check out my blog CELESTIA ($TIA) – ALTCOIN REVIEWS on our website.
The migration-
BitDAO migrated to Mantle on July 17, 2023. $BIT used to be the native token of BitDAO, but now the native token is $MNT. The migration happened with a 1:1 ratio of $BIT to $MNT on Ethereum Layer 1.
Key Details-
• Symbol- $MNT
• Total Market Cap- 2 billion dollars
• 24 hour Trading Volume-118 million dollars
• Circulating supply- 3.2 billion MNT (52%)
• Total supply- 6.2 billion MNT
Technical analysis-
Price is currently struggling to break above yearly open, approaching $0.5836 support. If price breaks this support level then it might fall to next support area of $0.4687 which is 23% lower.
MNT/ BTC pair
The price has been in a downtrend since April 8. After breaking out of the falling wedge upside, the price retested the lower trendline but it recovered quickly.
For a successful reversal, I want to see the price regain the green area.
