The cryptocurrency has become one of the best performers in the altcoin market, with daily active addresses surging 570% to a new all-time high.
Active addresses surge
Analysts noted that Mantra holders are growing excited as they anticipate a possible airdrop in the coming days. The announcement of Cosmos Airdrops comes as the token hits a new all-time high and the number of daily active addresses surges. Data shows that the cryptocurrency’s daily active addresses have surged 573% over the past three days, indicating that the digital asset is becoming increasingly attractive to its holders, leading to increased trading activity.
As of this writing, OM is trading at $3.35 per coin, a record high, with a 24-hour trading volume of over $674 million. In the last week, Mantra’s price has increased by as much as 132%. Its total market capitalization is over $3 billion.
Additionally, whale activity is also on the rise due to the recent price increase. For example, Spot On Chain revealed that a whale that has held a large amount of Mantra since December 2023 recently bought more tokens to increase its OM holdings.
The whale purchased $2.62 million worth of OM tokens in addition to the 18.27 million OM tokens that the whale already owned.
Additionally, Mantra’s net inflows from whales or large holders surged from 716,040 tokens recorded on November 13 to 2.39 million OM worth $5.75 million on November 15. Analysts said the growing interest from large investors indicates a bullish market for OM.
OM hits all-time high
Market commentators said Mantra’s price had risen by nearly 50% in the past 24 hours, reaching a new all-time high.
Analysts say the cryptocurrency has gained more than 10,000% over the past 12 months, making it one of the best performing altcoins in the cryptocurrency market.
This milestone also makes Mantra the only RWA-focused digital asset to achieve a 100x return this year. According to CoinGecko, Mantra ranks 44th in terms of total market capitalization.
In addition, analysts also found that the number of open contracts in the Bitcoin futures market has surged, rising 78.22% the day before to a new high of $115 million. This figure is a big leap from $24.7 million in September.
Bullish momentum
Analysts predict that Mantra will continue its upward trend as the price chart shows that the coin is currently floating above the upper Bollinger Band level of $2.0850.
The prediction was corroborated by the data of the Average Directional Index reading, where the coin has recorded 35.96, adding that values above 25 usually indicate a strong trend surrounding the digital asset.
Market watchers say that if investors keep an eye on these indicators, Mantra could continue to rise and another price rally could be in the cards in the near term.