The price of the Mantra token experienced a modest increase on Friday, buoyed by its staking rewards approaching an all-time high, while traders geared up for the next potential altcoin surge. The Mantra (OM) token was trading at $1.20, reflecting an 8% rise from its weekly low and a staggering 1,700% increase from its year-to-date low. This positive trend is attributed to investor optimism surrounding the tokenization of Real World Assets (RWA), which is anticipated to become a significant trend in the blockchain sector. Mantra is positioning itself as a leading infrastructure project for RWA.
In recent months, Mantra has achieved notable successes, including a partnership with a prominent Dubai-based real estate firm to tokenize several of its projects. The appeal of the OM token has also been enhanced by the announcement of its Genesis Drop, which will distribute 50 million tokens to qualifying users. Eligible participants include holders of Mantra’s NFTs, early contributors to the ecosystem, and active community members.
The token’s value has surged partly due to its above-average staking rewards. According to data from StakingRewards, nearly 50% of all circulating OM tokens have been staked, and the number of Mantra wallets has been on the rise.
As of late, the staking rewards for Mantra have reached an impressive record of 21.21%. This means that, all else being equal, an investment of $100,000 in OM would yield $21,200 annually. Among top cryptocurrencies, Mantra boasts the highest staking reward, while Toncoin (TON) offers just 2.56% with a staking ratio of 25.23%. In comparison, Tron (TRX) provides a yield of 4.15%, and Avalanche offers 7.95%.
Unlike many cryptocurrencies, Mantra is unlikely to experience significant dilution, as its current circulating supply of 837.5 million tokens is close to its maximum supply of 888 million tokens.
Looking ahead, some analysts speculate that the cryptocurrency market may witness another altcoin breakout in the forthcoming months. Ki Young Ju, the founder of CryptoQuant, noted in a recent X post that the limit order volume for altcoins, excluding Bitcoin (BTC) and Ethereum (ETH), is on the rise.
A potential driver for both cryptocurrencies and stocks could be the Federal Reserve, which is set to begin cutting interest rates in September. The likelihood of a rate cut increased following the release of disappointing job figures, with the unemployment rate climbing to 4.3%, the highest level since 2021.