Mantra Chain (OM) Surges by 35%, Reaching $2.72 Market Cap

The Mantra Chain native token, OM, surged by 35% in the 24 hours, reaching $2.72, according to CoinGecko. This increase has pushed its market cap to $1.9 billion

The native token of Mantra Chain, OM, has seen a substantial surge in value over the past 24 hours, rising by 35% to reach $2.72, as reported by CoinGecko. This increase has had a significant impact on the token's market cap, pushing it up by 32% to reach $1.9 billion. Furthermore, the 24-hour trading volume has also surged by 215%, reaching $867 million.

The OM token is being actively traded on multiple exchanges, with the highest volume coming from Bitunix. The OM/USDT pair on Bitunix is priced at $2.21, with a 24-hour trading volume of $33.68 million, which constitutes 3.88% of the total volume.

Other exchanges that are contributing significant volume include Ourbit and DigiFinex. Ourbit has seen a 24-hour trading volume of $13.23 million for the OM token, while DigiFinex has seen a volume of $80.2 million.

However, shortly after the surge in price, the token's value dropped by 3% following a large withdrawal by a whale. According to SpotOnChain, this whale has withdrawn 1.2 million OM tokens (approximately $2.6 million) from Binance.

As per the data from SpotOnChain, this whale “has withdrawn 19.47 million OM from Binance since December 24, 2023, at an average price of $0.662.”

At the time of writing, the total supply of OM tokens stands at 888.89 million, out of which 855.14 million tokens are already in circulation.