OM Token Sees 19% Surge to Become Crypto Market’s Top Performer

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OM, the native token of the decentralized finance (DeFi) platform Mantra, is currently dominating the crypto market. This development pertains to its recent performance where  it ranked as the top gainer among the top 100 most popular cryptos after putting up a stellar performance that saw the token surge 19% to reach $1.13.

According to the data from CoinMarketCap, at the time of writing this piece, OM has retained a 4% uptick in the last 24 hours and was seen trading at $0.9871.

Mantra’s Native Token OM Shines Despite Market Downturn

Other than its price surge, there are many other notable parts to OM’s recent performance. It saw a massive increase of 1036% in trading volume, bringing the total to $206 million within the last 24 hours. This increase in trading volume was enough to bring the market capitalization of OM above $819 million and move it up to the 72nd largest cryptocurrency. 

OM has a dual function within the Mantra platform. It allows its holders to participate in different DeFi operations such as lending, borrowing, and receiving stakes. It also provides its holders with voting rights on important propositions that determine the further development of the Mantra ecosystem. This dual functionality has significantly endeared the token to many investors, creating a high demand for it.

Possible Factors Driving OM’s Shiny Performance

It appears that several factors might be contributing to OM’s recent success. Those include the DeFi, staking, and lending features of Mantra’s ecosystem, which have all garnered considerable interest and usage, driving up demand for the token. Other than the platform’s innovative features, its strong community support may also be playing a huge part in fueling the impressive price performance of OM.

Besides, during such conditions in the broader market, as in the present case, people tend to focus on the stability and diversification of the crypto portfolios. Hence, promising ideas such as Mantra attract investors looking for new tokens as opposed to well-established ones like Bitcoin (BTC) and Ethereum (ETH).

Interestingly, there may be room for even further boosts to OM’s price. At least, technical indicators and market sentiment point to this possibility.

First and foremost, the Relative Strength Index (RSI) is currently around 63, suggesting that the token is not overbought or oversold. This figure supports a bullish outlook for OM, hinting that it remains in a strong position for further surge.

Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence before making any trading or investment decisions.