Mantle Network’s MNT token sees 12% surge amid whale buying

MNT, the native token of Mantle Network, the Layer-2 technology stack used for scaling Ethereum, has seen a 12% price increase over the past 24 hours and is currently trading at $0.8578.

This increase in MNT’s value comes amid a broader decline in the cryptocurrency market. Mantle currently has a market cap of around $2.8 billion, ranking 31st in the global cryptocurrency rankings by market cap, according to price data from crypto.news.

Over the past 24 hours, MNT’s trading volume has also increased by 12.7%, reaching $240 million. During the same period, MNT’s price fluctuated between a low of $0.77 and a high of $0.86.

Formerly known as BitDAO, Mantle is an ecosystem investment DAO with close ties to Bybit. The Mantle token, MNT, is used for governance, gas fees on the Mantle Network, and staking on various platforms. The Mantle Network uses an Optimistic Rollup (ORU) to scale Ethereum and aims for EVM compatibility.

Running on the Ethereum network, Mantle offers a seamless, secure, and scalable platform for decentralized application (dApp) developers to launch their projects. This has made Mantle an attractive protocol to support GameFi applications and has led to the creation of an in-house Web3 gaming team.

The recent price increase in MNT coincides with an increase in the number of daily active and new addresses involved in MNT transactions.

On-chain data from IntoTheBlock shows a 19% increase in the number of active addresses that have completed at least one MNT transaction in the past week. Additionally, the number of new addresses created to trade MNT increased by 15% during the same period.

Mantle daily active addresses | Source: IntoTheBlock

An increase in daily active addresses and new addresses generally indicates increased network activity and increased interest in the asset, resulting in increased demand and the potential for future value appreciation.

The increase in the price of MNT has also attracted the attention of large holders or whales. These are addresses that hold more than 0.1% of the circulating supply of an asset. When the net flow of these large holders increases, it means that whale addresses are accumulating the asset, and this is usually a bullish signal.

According to IntoTheBlock, the net flow of major investors in MNT has increased by 134% in the last seven days, suggesting significant savings by these investors.