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OM leads with a 19% increase, becoming the top gainer in the cryptocurrency market
OM, the native token of the defi solutions platform Mantrashas established itself as the best performing cryptocurrency among the 100 best performing cryptocurrencies, with a significant increase of 19%, reaching $1.13.
Currently, OM is holding an 8% increase over the past 24 hours, trading at $1.04. A stunning 900% increase in trading volume has also been noted, bringing the total to $311 million over the same period.
OM 24 Hours Price Chart |Source: crypto.news
With a market cap now exceeding $849 million, OM ranks as the 82nd largest cryptocurrency.
Within the Mantra blockchain platform, OM serves a dual function: it allows holders to participate in various DeFi activities, such as lending, borrowing, and rewards earning, and it grants them voting rights on proposals that shape the future of the platform.
Several factors have contributed to OM’s recent success. The DeFi, staking, and lending aspects of the Mantra ecosystem have generated significant interest and usage, increasing demand. Additionally, the platform’s innovative features and strong community support have fueled its impressive price performance.
Amid a broader market correction, the resilience and diversity of bitcoin wallets have come to the fore. Promising projects like Mantra have attracted investors looking for alternatives to established tokens like BTC and ETH, further boosting the price of OM.
Supporting a bullish outlook for OM, key technical indicators such as the The relative strength index (RSI) is around 63suggesting that the token is neither overbought nor oversold. An RSI above 70 typically indicates overbought conditions and is considered bearish.
In March, Mantra raised $11 million in a funding round led by Shorooq Partners, with contributions from strategic investors including Three Point Capital, Forte Securities, and Virtuzone.
These funds are intended to scale up Mantra’s initiatives on a large scale. RWA Tokenization.