Markets
OM leads with 19% gain, becoming the biggest gainer in the cryptocurrency market
OM, the native token of the defi solutions platform Mantraemerged as the best performer among the top 100 cryptocurrencies, with a significant increase of 19% to reach $1.13.
OM is currently up 8% over the past 24 hours, trading at $1.04. A staggering 900% increase in trading volume was also noted, bringing the total to $311 million over the same period.
OM 24-hour price chart | Source: crypto.news
With a market cap now exceeding $849 million, OM is ranked as the 82nd largest cryptocurrency.
Within the Mantra blockchain platform, OM serves two functions: it allows holders to participate in various DeFi activities such as lending, borrowing, and earning rewards, 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 Mantra’s ecosystem have attracted significant interest and usage, increasing demand. Additionally, the platform’s innovative features and robust community support have driven its impressive price performance.
Amid a broader market correction, the resilience and diversity of bitcoin portfolios have come into focus. Promising projects like Mantra have attracted investors seeking alternatives to well-established tokens like BTC and ETH, further boosting the price of OM.
Supporting a bullish outlook for the OM, important 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 secured $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 enhance Mantra’s initiatives on a large scale RWA Tokenization.