Mantra (OM) spikes 40% to hit new ATH: Why is that this token up?

• Mantra value rose to a brand new all-time excessive of $5.87 on Jan. 30.
• The positive factors noticed Mantra rank as among the best performers on the day, with open curiosity spiking 37%.
• OM has surged since MANTRA inked a $1 billion tokenization cope with the Dubai-based DAMAC Group.

Mantra (OM) rose sharply on Thursday to emerge as the largest gainer among the many 100 largest cryptocurrencies by market cap. With an intraday surge of over 40% at one time, the digital asset defied the gradual market to hit a brand new all-time excessive of $5.87.

Whereas the OM value has barely retreated to $5.59 on the time of writing, Mantra stays among the best performers in crypto in the present day with +23% previously 24 hours.

Solely JasmyCoin, which is up greater than 25% previously 24 hours, is outpacing OM among the many high 100 cash. Mantra ranks twenty eighth whereas JASMY is 69th in the meanwhile with a market cap of $1.57 billion.

Why is the Mantra value up in the present day?

Based on information from CoinMarketCap, MANTRA has recorded a 214% spike in day by day quantity – which was at $497 million on the time of writing. Mantra’s market cap stood at $5.35 billion.

In the meantime, open curiosity has jumped 37% to over $428 million. This comes as greater than $1.83 million was liquidated in 24 hours, nearly all of it at $1.8 million being shorts.

Whereas Mantra rose alongside different altcoins amid Bitcoin’s surge to $106,000 on Thursday, the probably catalyst for the elevated momentum for OM seems to be the latest partnership DAMAC Group.

On the middle of this collaboration is the tokenization of real-world property. Specifically, it’s about actual property and DAMAC’s traction in Dubai makes for tantalizing adoption prospects.

With as much as $1 billion in real-world property underneath DAMAC set to be tokenized on MANTRA, its by no means been so bullish for OM. The entire of the asset tokenization house can be abuzz, with different RWA tokens additionally up.

RWA market cap is up 11% to over $40 billion, with Ondo Finance, XDC Community and Quant amongst high gainers.