MANTRA trading volumes spikes 55% as OM tracks to 10$

MANTRA trading volume has spiked by 55% as OM is potentially heading to $10, having broken out of a bullish flag pattern.

MANTRA (OM) trading volume surged by 55% in the past 24 hours, coinciding with a slight uptick in the token’s price. As of the time of writing, Mantra’s price stands at $7.50, up by 3% on the daily timeframe. Over the past week, it’s up by 36% and impressive 110% over the past month. The current market capitalization sits at $7.36 billion, making it the 22nd top cryptocurrency by market cap, according to Coinmarketcap.

The boost in trading activity appears to have been spurred OM’s recent listing on crypto.com, which took place on Feb. 20. It also follows a series of positive announcements from the project. Yesterday, on Feb. 20, MANTRA launched RWAccelerator, backed by Google Cloud, to support projects that are exploring the tokenization of real-world assets.

Earlier, on Feb. 19, MANTRA announced that it had secured a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This license enables MANTRA to expand its operations in the MENA region. The company will use this license to provide services such as broker-dealer, management, and investment solutions for digital assets, with a focus on tokenization products aimed at institutional investors.

Buoyed by these developments, OM price appears to be heading in the bullish direction. In his recent post on X, crypto analyst Ali Martinez noted that MANTRA’s OM token appears to have broken out of a bullish flag pattern, which could potentially lead to a price move toward $10. To put this into perspective, just a week ago, on Feb. 14, OM price opened at less than $6.

Before these positive developments, MANTRA has been in a negative spotlight, facing criticism, over the team’s handling of OM airdrop distribution. Specifically, participants who staked tokens for voting rights found themselves unable to vote on the distribution proposal. There have been claims that this decision was made deliberately to avoid opposition.

Further controversy arose when it was revealed that the team controls the majority of the tokens, making the vote effectively meaningless. The delay in the airdrop distribution, with only 10% of tokens available initially and the full distribution not expected until 2027, has also drawn frustration from participants.