Mantle (MNT) reverses the market trend with expectations of reaching a new ATH in October.

Manta (MNT) is one of the rare coins that has overcome the fall of the cryptocurrency market, trading near its all-time high (ATH). It is expected to continue recording new breakthroughs thanks to special trading incentives.

Despite the market downturn, MNT is trading at around 1,815 USD, after reaching a new ATH of 1.90 dollars.

MNT Price Chart | Source: Coinphoton The growth of MNT occurs after several smaller altcoins recorded development the previous day. MNT shows that the market still maintains the necessary enthusiasm for recovery, creating ATHs for previously less active tokens.

MNT has also contributed to the recovery of the altcoin season index, as this index has risen to 76 points, once again affirming that altcoins are heating up and are likely to attract increased demand. MNT tokens are currently trading with an open interest close to the all-time high of 256.22 million USD.

On the Hyperliquid platform, there are only eight whales competing for the direction of MNT, evenly split between long and short positions. The recent price increase has generated unrealized profits for short positions, as the largest whale has executed a short trade on MNT with a position worth 2.15 million USD.

Promotion to reduce transaction fees for MNT on Bybit

The recent price growth coincides with Bybit's new trading incentives program. MNT is the first token outside of stablecoins to be offered fee reductions on this platform.

MNT tokens will also unlock VIP perks on Bybit, thanks to a greater weighting in the calculation of VIP assets. The demand for MNT is likely to increase, as this token allows traders on Bybit to achieve VIP status with a lower capital commitment.

The recent price increase is mainly driven by incentives related to holding MNT, as well as the use of this token to pay lower transaction fees. Currently, Bybit accounts for over 56% of the total trading volume of MNT, playing a crucial role in this growth due to its concentrated liquidity.

Mantle Network records highest activity

The Mantle network is leveraging the global trend of expanding L2 operations. This chain is processing almost a record number of transactions while ensuring a value of around 2.22 billion USD.

Although Mantle is not yet considered a fully decentralized L2 chain, it still benefits from the shift of economic activity. This chain currently secures about 253 million USD in the DeFi sector, due to the lack of staking and lending applications, two areas with significant reserve potential.

However, Mantle has recorded growth in the past month, thanks to the expansion of the DEX Agni Finance. Currently, Mantle has not yet recovered the level of DeFi activity from October 2024, although the metrics have shown improvement in the past month. Mantle is currently a low-fee producer and is striving to promote its chain to capture a larger market share in the Ethereum ecosystem.

More than 46% of MNT tokens are currently held in the treasury of BitDAO. The supply of this token is traded on Ethereum, with significant connections between large wallets, based on data from Bubblemaps. Currently, Mantle is a relatively niche asset, leveraging the altcoin craze to bolster its position and presence. Although this token is actively traded, its activity and volume are too concentrated on a single exchange, which may not be sustainable in the long term.

Mr. Teacher