Mantra (OM) has seen its price soar by over 8% in the past 24 hours, reaching $0.7924. This notable gain comes against the backdrop of a broader market slump that caused Bitcoin to plunge to $57,000.
$500 Million Real Estate Tokenization Partnership Fuels OM’s Rally
The primary catalyst for Mantra’s price surge is a partnership announcement with Dubai-based real estate developer MAG Group.
According to a press release, Mantra Chain is set to tokenize $500 million worth of MAG Group’s real estate assets.
Key Details of the Tokenization Deal:
Assets will be tokenized in multiple tranches
The first tranche includes the Keturah Reserve residential project in Meydan, Dubai
A $75 million mega-mansion at ‘The Ritz-Carlton Residences, Dubai, Creekside’ development is also part of the initial tokenization
Read more: Jasmy Coin Price Predicted to Surge 10,000% Despite Bearish Crypto Market Sentiment
One of the most intriguing aspects of this tokenization deal is the yield structure proposed for investors:
Expected yields of 8% from stablecoins
Additional OM tokens to be granted to investors
The specific details of the yield structure, including the choice of stablecoin and the exact amount of OM tokens to be allocated, are still under discussion.
Market Performance and Technical Analysis
Mantra’s price movement over the past 24 hours reflects the market’s positive reaction to this news:
Current Price: $0.7924
24-hour Low: $0.6891
24-hour High: $0.8962
Read more: Robert Kiyosaki Predicts Bitcoin Price to Hit $10 Million – Here’s When
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