MANTRA (OM) outperforms top altcoins as price soars 11%

MANTRA, a real-world asset (RWA) layer-1 blockchain, is an outlier in the crypto market today, outperforming all major cryptocurrencies with a notable 11% gain.

With gains coming on the back of a major platform milestone, the native OM token reached $0.89 on Thursday. These are gains that helped MANTRA recoup most of the losses suffered when the altcoin dropped to $0.68 on Wednesday.

MANTRA surges after major RWA partnership

MANTRA launched its native token in October 2020, and has recently witnessed a major shift in sentiment as the RWA narrative strengthened.

This tokenization drive saw a major bullish flip on July 3 when MANTRA announced a partnership with MAG Group Holding, a United Arab Emirates real estate giant.

In its announcement of the groundbreaking deal, MANTRA said it will help to tokenize $500 million worth of real estate assets for the Dubai-based conglomerate. Investors will earn yields in stablecoins and the native token OM.

“By combining MANTRA’s secure RWA-focused blockchain with MAG’s established presence in the UAE’s real estate market, we aim to unlock the full potential of RWA compliance within the Middle Eastern region and beyond,” MANTRA wrote in a blog post.

OM token rose after the news and has continued to outpace the top 100 cryptocurrencies by market cap. Per CoinMarketCap, MANTRA is currently the top gainer ahead of Pendle (PENDLE) and Safe (SAFE) – both with less than 2% gains in the past 24 hours.

OM is likely to reach a new all-time high if bulls remain in control as prices hold near the current $0.80 level. Notably, MANTRA price rose to its ATH of $1.09 on June 10, 2024 amid another partnership in the UAE.