While most new crypto tokens fail to meet investor expectations, investing in some from the starting point can be beneficial. Buying new cryptocurrencies with potential assists users in multiplying their investments, like the case of early Bitcoin buyers who reaped massive benefits later.
Mantle (MNT), a new cryptocurrency in the market, is somehow undiscovered in the digital currency ecosystem. As MNT is emerging, users want to know whether it is a promising cryptocurrency to invest in right now.
Therefore, analyzing the unique functionalities of the MNT token and its market position is imperative to know its investment viability.
Price Analysis
Tracking MNT’s price movements allows investors to monitor their investment performance easily. According to the current price data, Mantle is trading at $1.315, down 0.37% at 12:03 AM East Africa Time. With a market cap of 129.34 million, Mantle is ranked the 32nd largest cryptocurrency on the Coinmarketcap aggregator.
The price of Mantle has risen 59.23% over the last week, potentially fueled by the introduction of the Mantle Rewards Station, which plays a crucial role in its staking initiative and its listing on the Upbit cryptocurrency exchange.
While MNT’s value has grown 39.78% over the last month, the crypto is up 115.06% over one year ago. The token peaked at its highest price on March 27, 2024, when it soared to its all-time high of $1.471. However, the token recorded its lowest price on October 18, 2023, when it was trading at its all-time low of $0.3078.
So, should you invest in MNT now?
Now that MNT maintains a good momentum, is it a good idea to invest in the token?
Market observers anticipate that Mantle’s value and growth will be huge because the cryptocurrency has immense potential. Last month’s average price of MNT was $0.73, meaning that the token grew its value by 55.71%.
Market leaders anticipate MNT will continue its bullish stance. Currently, the token is trading at $1.315, which could hit $2.80 soon. Due to price fluctuation, analysts predict that Mantle’s price will drop by 11.61% at the beginning of April 2024. However, the crypto is set to surge its value by a maximum of 115% during mid-April, and the price is likely to rise by 12.37% by the end of the month.
According to market observers, MNT is on its way to reaching the $2.86 mark by the end of this year. The token will break its all-time high of $1.471, reached on March 27, 2024, and trade between the ranges of $2.27 and $2.86 soon.
What is Mantle?
Mantle Network is a layer 2 blockchain solution built on top of Ethereum to bring high scalability to Ethereum by taking a unique method that provides high security and low fees.
Mantle does this by combining optimistic roll-up technology and a separate decentralized storage solution to process transactions at higher throughput and a lower cost than Ethereum while leveraging Ethereum’s layer 1 network to secure itself.
The founders of the Mantle network remain anonymous. However, BitDAO, an organization founded by the ByBit cryptocurrency exchange, launched the Mantle network and its native cryptocurrency, MNT, in July 2023.
BitDAO rebranded its layer 2 as the Mantle network and converted its native BIT token to MNT tokens. Serving as a rebrand of BitDAO’s BIT token, the MNT token has a ready-established user base and now focuses on building on that.
Customers can buy MNT tokens on 15 cryptocurrency exchanges, including Bybit, KuCoin, Gate.io, MEXC, Coinone, Indodax, FameEX, Bithumb, BitMart, Huobi, and others.
Use cases of Mantle cryptocurrency
Here are some of Mantle’s real-world applications so users know what they can do with it.
- Mantle network serves as an interoperable and scalable platform that facilitates the development and deployment of smart contracts and decentralized applications (dApps), focusing on enhancing user experience and blockchain performance.
- Mantle’s modular design is suitable for gaming platforms since it can support high throughput and affordable transaction fees for the gaming ecosystem to scale. This attracts developers to create gaming DApps on the Mantle network, where players can enjoy a frictionless gaming experience. For instance, Mantle network supports web3-native game developer HyperPlay by providing a cost-effective and secure tech stack for the gaming company’s backend metasystem. Last month, web3 gaming metaverse Bullieverse started running its metaverse project on the Mantle network.
- Developing DeFi protocols on the Mantle network’s interoperability is cost-effective and beneficial, enabling dApps to interact seamlessly with different platforms and applications and thus driving broader user adoption. With the Mantle network, developers can permissionlessly build highly scalable dApps that are challenging to develop on other networks.
- Mantle’s staking program is becoming an increasingly popular way for MNT holders to earn passive income.
- MNT cryptocurrency also serves as a medium of exchange, facilitating transactions by covering gas fees on Mantle Network. It also serves as collateral assets for Mantle network nodes and is used as a governance token on the network.
Conclusion
MNT token shows excellent potential in credibility, vision, and market relevance.
However, investors have to do their research to determine whether the new cryptocurrency suits their needs.
Find out how it stands out in the crowded market and why it could make for an excellent crypto investment.
