Mantle Network’s MNT Token Surges 12% Amidst Whale Accumulation

MNT, the native token of Mantle Network, a Layer-2 solution for scaling Ethereum, has witnessed a notable 12% increase in value over the last 24 hours, currently trading at $0.8578.

This uptick in MNT’s price comes despite a broader downturn in the cryptocurrency market. Mantle’s market capitalization now stands at approximately $2.8 billion, positioning it 31st in the global cryptocurrency rankings by market cap, as per data from crypto.news.

In the same 24-hour period, MNT’s trading volume rose by 12.7%, reaching $240 million. The token’s price oscillated between $0.77 and $0.86 during this time frame.

Formerly known as BitDAO, Mantle is an ecosystem investment DAO with strong affiliations to Bybit. The MNT token serves various functions, including governance, gas fees on the Mantle Network, and staking across multiple platforms. Mantle Network leverages an Optimistic Rollup (ORU) to scale Ethereum and ensure compatibility with the Ethereum Virtual Machine (EVM).

Operating on the Ethereum network, Mantle provides a seamless, secure, and scalable environment for decentralized application (dApp) developers to launch their projects. This capability has made Mantle an attractive platform for GameFi applications, leading to the formation of an in-house Web3 gaming team.

The recent surge in MNT’s price is coupled with an increase in daily active and new addresses engaging in MNT transactions. On-chain data from IntoTheBlock shows a 19% rise in active addresses conducting at least one MNT transaction over the past week. Additionally, the number of new addresses created to trade MNT has grown by 15% within the same period. This increase in address activity typically signifies heightened network usage and greater interest in the asset, indicating rising demand and potential for further value appreciation.

The spike in MNT’s price has also attracted attention from large holders, or whales, defined as addresses holding over 0.1% of an asset’s circulating supply. A significant increase in the net flow of these large holders often signals bullish sentiment, as it suggests accumulation by these investors.

According to IntoTheBlock, the net flow of MNT’s large holders has surged by 134% over the past seven days, underscoring substantial accumulation by these key investors.

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