In just 24 hours, the price of Mantle’s layer 2 MNT has risen by nearly 24%. What can we say about this sharp increase?
Mantle’s MNT climbs nearly 24%
With a 23.6% increase, Mantle’s MNT is the best performer in the top 300 cryptocurrencies over the last 24 hours, and even the 8th best performer in the top 1,000.
Since July 1, the asset has risen 53% and even 62% over the last 30 days. With the price of MNT currently at $0.9 per unit, it has surpassed the highs of recent months around $0.85 and is now attempting to reach the $1 level:
Moreover, the prospect of reaching a few technical levels seems to be one of the main reasons for the current rise, given that no specific announcements were made this week to explain this enthusiasm.
While the July rally is common to many altcoins, the performance of the latter days stands out from the behavior of other layer 2 tokens. For example, Arbitrum’s ARB and Optimism’s OP are down 9.3% and 7.6%, respectively:
On the decentralized finance (DeFi) side, we can see some increase in activity, but this does not seem to be enough to explain the surge in MNT. In terms of activity, the number of daily transactions increased by around 70% in just three weeks, exceeding 382,000 on Monday.
However, this statistic had only a limited impact on financial data, as the total value locked (TVL) excluding stablecoins on the network has only increased by 10% since July 1. Stablecoins, on the other hand, saw a 35.5% increase over the same period, with a TVL of $653.45 million at the time of writing.
In terms of announcements, the only concrete statement in the last 24 hours is a summary of a speech by Joshua Cheong, Mantle’s product manager, at a blockchain event in Vietnam last week. The announcement highlights five key points on the protocol’s ongoing developments in the areas of:
- Risk prevention;
- Security between Ethereum and layer 2;
- Network flexibility;
- Diversification of certain critical points such as multi-signature accounts, audits, and wallets;
- User protection.
This is therefore more of a status update on ongoing developments than actual announcements. We will therefore remain attentive to any new developments in the coming days, which the current rise in MNT could have been a sign of.
In the meantime, MNT’s market capitalization has risen to $3.07 billion, placing the token in 46th position in the cryptocurrency rankings.
