Over the last 7 days, Mantle’s MNT cryptocurrency has risen 46%, reaching a new all-time high (ATH). What factors are driving this increase?
Mantle’s MNT breaks a new record
On Wednesday, Mantle’s MNT managed to reach a new all-time high (ATH), reaching $1.66 per unit and nearly $5.4 billion in market capitalization this morning. At the time of writing, the price of MNT is now $1.61, up 12% over 24 hours and more than 46% over 7 days. After hitting an annual low of $0.55 in early July, the asset has since rebounded by more than 190%:
In recent days, the main reason for this increase has been the close links between Ethereum’s (ETH) layer 2 and the Bybit cryptocurrency exchange. Indeed, the collaboration has been strengthened recently, and the platform has deployed no less than 21 new trading pairs with MNT. In addition, holding MNT and the stablecoin XUSD on Bybit allows users to share $60,000 in rewards.
Furthermore, spot trading of MNT has been available on Hyperliquid since Tuesday, while to a lesser extent, Mantle has also partnered with LayerZero to make its token “omnichain,” meaning compatible with multiple networks, including HyperEVM in the first place.
While MNT ranks as the 40th largest crypto capitalization, it should be noted that the Mantle network has only $229.5 million in total value locked (TVL), according to DefiLLama, making it the 8th largest Ethereum layer 2 in this regard.
