Breaking Records: Mantle (MNT) Soars 40% In One Day To New All-Time Highs, Next Target Revealed

Mantle (MNT), a layer 2 blockchain solution ranked among the top 100 cryptocurrencies, has shown exceptional performance recently. In just the past day, its token value has jumped by an impressive 40%. As a result, MNT has hit a new peak price of $1.49 – a personal best for this digital asset.

Mantle Network’s Layer 2 Solution

Mantle Network functions as a Ethereum Virtual Machine (EVM) compatible layer 2 (L2) scaling option, making it easier to grasp the underlying workings of the protocol. By utilizing Optimistic rollups, this solution facilitates swift and affordable transactions.

Mantle stands out due to its modular structure, merging Optimistic rollups with a distinct data availability layer. In contrast to typical blockchains, Mantle handles the fundamental blockchain tasks on separate layers.

In simpler terms, the function that processes transactions in Mantle’s system takes place on its Ethereum Virtual Machine (EVM) compatible second layer for executing transactions. The sequencer of Mantle generates blocks on this layer and subsequently sends the necessary data related to the state root to the primary Ethereum network.

Separating the layers in this architecture leads to a substantial decrease in transaction costs relative to the foundation level, enhancing overall network effectiveness. Furthermore, the integration of Optimistic rollups lightens the workload on nodes by reducing the total demand.

MNT Surges As Staking Launches

A significant factor contributing to the current increase in interest for Managed Node Tokens (MNT) might be linked to the emergence of MNT staking, according to findings from cryptocurrency analyst Alex Wacy.

In the perspective of Wacy, the Mantle Rewards Station is crucial for the staking project, providing incentives in the form of rewards to those who stake MNT. This participation not only reinforces the network’s security and functionality but also motivates users through these financial benefits.

At the onset of the Ethana event, users are awarded mShards tokens. Within the Mantle Decentralized Finance (DeFi) system, these tokens hold significance and enable users to participate in a range of financial activities. These pursuits may encompass trading, investing, or engaging with diverse DeFi protocols and apps established on the Mantle platform.

Specifically in Mantle’s decentralized app (dApp) community, mShards can be exchanged. This feature offers users the chance to capitalize on potential market expansion opportunities. Trading these tokens enhances the liquidity and stimulates an energetic ecosystem within Mantle.

Moreover, the researcher points out that mShard token owners can look forward to exchanging their tokens for ENA – a token within the Mantle Ecosystem – in the near future. This redemption feature enhances the functionality and worth of mShards, making them even more desirable for token holders.

During Epoch 2, the distribution of Ethena shards will come to an end on April 1st. This means that users have a time-bound chance to obtain these shards by staking, potentially fueling more curiosity among potential investors eager to seize this opportunity before the deadline passes.

Bullish Prospects

Looking at the data, MNT saw a significant jump in trading activity over the last 24 hours, amounting to $647 million, which represents a noteworthy 141.40% rise relative to the preceding day.

With a market value of $4.16 billion, MNT token ranks 33rd on CoinGecko’s list. In the past week, Mantle (MNT) has surpassed the 2.3% growth of the entire cryptocurrency sector and the 12.7% rise of other Ethereum-based tokens.

Breaking Records: Mantle (MNT) Soars 40% In One Day To New All-Time Highs, Next Target Revealed

The price of MNT token has dropped to $1.27, representing a 2% decrease in value during the last hour. This brief reversal doesn’t diminish the token’s robust forward momentum, implying both risks and chances for traders. It’s important to mention that the next significant support level lies at $1.080.

If the current support level doesn’t prevent it, the token’s price might decrease more, possibly falling as low as $1. The next noticeable resistance point is located at $0.94.

If the bullish trend persists through the week, the token could reach prices of $1.60 and $1.68. With further gains, it might even challenge the $2 mark.

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2024-03-28 03:04