RWA-focused blockchain, MANTRA, bucked the trend as the crypto market shed 5% overnight. Its native token OM gained 5% in 24 hours and 11% weekly, outperforming major cryptocurrencies on July 4.
While Bitcoin (BTC) and Ethereum (ETH) faced declines by 3.64% and 5.19%, respectively, MANTRA (OM) hit a peak of $0.89 for the week before settling at $0.792, as per CoinMarketcap. This upsurge aided in recovering the previous losses experienced in late June when OM plunged to $0.68.
Traders observed MANTRA’s progress. Bluz mentioned a possible record high in an X post, highlighting positive signals like liquidity sweeps and adverse funding rates. At the same time, Miceli Capital recounted a thorough strategy of shorting OM at a support level, later changing direction to secure a 0.84% profit amidst resilient buyer activity.
MANTRA price rise attributed to new partnership
MANTRA’s rise aligns with a significant partnership announcement. The platform disclosed a joint effort with the UAE-rooted MAG Group to digitize real estate assets valued at $500 million. This move aims to provide unique investment opportunities for both new and experienced investors in Dubai’s real estate market.
The strategy for token distribution entails breaking down the $500 million into smaller “tranches,” enabling investors to select their desired participation levels. Initial estimates indicate an anticipated 8% yield from stablecoins, along with added advantages stemming from OM tokens in the return process.
This stems from MANTRA Chain’s successful $11 million fundraising earlier this year, which demonstrated increasing investor trust in blockchain-based real estate projects. Moreover, it reflects the broader acceptance of blockchain technology in the Middle East, shown by the recent partnership between the Cardano Foundation and Dubai Police for blockchain projects related to sharing criminal investigation data.
Nevertheless, MANTRA price surge highlights the blockchain’s potential to transform traditional asset markets, even amidst the current short-term fluctuations in the crypto market.
Related | Opera’s MiniPay introduces Pocket feature for stablecoin swaps
