While most new cryptocurrency tokens do not meet investor expectations, some may be beneficial to invest in from the beginning. Buying a new cryptocurrency with potential helps users multiply their investment, as was the case with early Bitcoin buyers who later earned huge profits.
Mantle (MNT), a new cryptocurrency on the market, is somehow undiscovered in the digital currency ecosystem. Just like MNT emergingUsers want to know if it is a promising cryptocurrency they can invest in right now.
Therefore, analyzing the unique features and market position of MNT tokens is essential to identify investment potential.
price analysis
Tracking the price movements of MNT allows investors to easily monitor the performance of their investments. Current price data shows Mantle is trading at $1.315, down 0.37% at 12:03 AM East African time. With a market capitalization of $129.34 million, Mantle is ranked as the 32nd largest cryptocurrency by aggregator Coinmarketcap.
Mantle prices have risen 59.23% in the past week. mantle reward stationIt plays an important role in staking initiatives and List At Upbit cryptocurrency exchange
The value of MNT has increased by 39.78% over the past month, while the cryptocurrency has increased by 115.06% compared to a year ago. The token soared to a high of $1.471 on March 27, 2024. However, the token hit its lowest price on October 18, 2023, when it traded at a low of $0.3078.
So should you invest in MNT now?
Now that MNT is maintaining good momentum, would it be a good idea to invest in the token?
Market observers expect Mantle’s value and growth to be enormous as the cryptocurrency has enormous potential. The average price of MNT last month was $0.73, which means the token’s value has increased by 55.71%.
market leader expect MNT plans to continue its bullish stance. The token is currently trading at $1.315 and could soon reach $2.80. Due to price fluctuations, analysts predict that the price of Mantle will decline by 11.61% in early April 2024. However, the cryptocurrency is set to surge in value by up to 115% during mid-April, with prices likely to rise as well. It increased by 12.37% by the end of this month.
According to market observers, MNT is expected to reach $2.86 by the end of this year. The token will soon trade between $2.27 and $2.86, breaking its all-time high of $1.471 reached on March 27, 2024.
What is a mantle?
The mantle network is Layer 2 Blockchain Solution It is built to provide high scalability on top of Ethereum by adopting a unique approach that provides high security and low fees.
Mantle does this as follows: Combination Through optimistic rollup technology and a separate, decentralized storage solution, it processes transactions at higher throughput and lower cost than Ethereum, while maintaining security by leveraging Ethereum’s layer 1 network.
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 Layer 2 to the Mantle Network and converted its native BIT tokens to MNT tokens. The MNT token, which serves as a rebrand of BitDAO’s BIT token, already has an established user base and is now focused on building on this.
Customers can purchase MNT tokens on 15 cryptocurrency exchanges, including Bybit, KuCoin, Gate.io, MEXC, Coinone, Indodax, FameEX, Bithumb, BitMart, Huobi, etc.
Mantle Cryptocurrency Use Cases
Some of these are: Practical Applications of Mantle So users can see 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) with a focus on improving user experience and blockchain performance.
- Mantle’s modular design is ideal for gaming platforms as it can support high throughput and low transaction fees to expand the gaming ecosystem. This encourages developers to create gaming DApps on the Mantle network where players can enjoy a seamless gaming experience. For example, the mantle network apply HyperPlay, a web3-based game developer, provides a cost-effective and secure technology stack for gaming companies’ backend metasystems. Last month, the web3 gaming metaverse Bullieverse began running its metaverse project on the Mantle network.
- Developing DeFi protocols based on the interoperability of the Mantle network is cost-effective and beneficial, enabling dApps to interact seamlessly with a variety of platforms and applications, driving broader user adoption. The Mantle Network allows developers to build permissionless dApps that are highly scalable and difficult to develop on other networks.
- Mantle’s staking program is becoming increasingly popular as a way for MNT holders to earn passive income.
- The MNT cryptocurrency also acts as a medium of exchange and facilitates transactions by covering gas costs on the Mantle network. It also serves as a collateral asset for Mantle Network nodes and is used as a governance token on the network.
conclusion
The MNT token shows outstanding potential in terms of credibility, vision, and market relevance.
However, investors should do their research to determine whether a new cryptocurrency is right for their needs.
Learn how to stand out in a crowded market and why it can be a great cryptocurrency investment.