Key Takeaways:
Mantra surged 94% in February and hit a new all-time high, but its price has since pulled back, with whales actively moving funds. The project has gained attention through partnerships with Google Cloud and regulatory approval in Dubai, but skepticism remains over its $11M funding. An upcoming 50M Mantra airdrop on March 18 could impact liquidity and price movement, but its long-term momentum remains uncertain.Mantra (OM) price has nearly doubled in February while the rest of the crypto market has been falling. Can this growth continue?
We previously wrote about Mantra becoming one of the leading growth performers in the crypto market in February. The OM price has risen by about 94% over the previous month. Moreover, on Feb. 23, the coin showed a new all-time high (ATH) at $8.99.
Source: CoinGeckoThe price of Mantra, like the rest of the crypto market, has fallen. However, it looks like big players have started to take advantage of this. Arkham noticed the activity of one whale, who deposited more than $90 million of OM on the Binance exchange during March 11-12.
Mantra Is One of ‘Trump’s Election Wins’
Mantra has shown growth not only in February. CryptoRanks analysts calculated that the coin rose 389% after Donald Trump became the U.S. president, placing OM just behind Hedera (HBAR), which gained 393%.
Source: CryptoRanksHowever, there are no indications that Donald Trump or his World Liberty Fi are supporters of Mantra.
Mantra is part of the Real World Assets (RWA) sector, alongside Chainlink (LINK), Ondo (ONDO), and others. While this may have contributed to its recent growth, it is difficult to say for certain.
According to Dune, RWA assets have declined 22% MTD, which is relatively moderate compared to the 40% average losses across some sectors after February’s crypto market downturn.
Source: DuneInterestingly, Trump’s crypto company, World Liberty Fi, holds Ondo, one of Mantra’s RWA competitors. According to DropsTab, it owns over 300,000 ONDO tokens, with an average price of $1.47.
Source: DropsTabWhy Is the Price of Mantra Growing?
One factor behind Mantra’s growth could be its recent partnerships, although meme coin mania has shown that “utility-driven” projects no longer grow as fast as speculative meme coins.
In February, it was announced that Google Cloud is collaborating with Mantra as part of its RWAccelerator program.
Additionally, Mantra received a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), allowing the project to operate in the region.
Beyond fundamentals, another key factor influencing Mantra’s price growth is its upcoming airdrop. Despite already being listed on major exchanges, 50 million OM is set to be distributed on March 18 as part of Sybil Slaying Season.
Airdrops often increase liquidity, which can drive price movement. However, given Mantra’s significant rally in recent months, there is no guarantee that the price will continue rising after March 18.
Mantra Price Grows Amid Skepticism Over $11 Million in Funding
Despite Mantra’s (OM) price surge, part of the crypto community remains skeptical, arguing that the project’s metrics do not fully justify such rapid growth. One of the key concerns is funding, which is considered relatively small.
According to CryptoRank, Mantra has held three funding rounds, but details for two remain undisclosed. The only known round took place in March 2024, when the project raised $11 million.
Source: CryptoRankFor comparison, Ondo has raised $46 million in funding.
At the same time, another part of the crypto community remains optimistic about Mantra.
Perhaps Mantra’s ability to grow while the broader crypto market is falling has attracted increased investor interest. The project itself is also using this as part of its marketing strategy. However, a major factor in the rally could be the airdrop, which is set to end soon. It remains to be seen how OM will perform once the airdrop concludes.
The post Mantra’s Price Rise: How Did It Outperform the Market With Just $11M in Funding? appeared first on Cryptonews.
