You can also read this news on BH NEWS: Investors Capitalize on MNT Token Surge
The Mantle network’s native token, MNT, has seen a significant uptick in its price, driving investors to prepare for selling their holdings. Over the past week, MNT’s value has risen by 17%, reaching $0.8935. This price increase has led to a noticeable influx of MNT tokens onto exchanges, indicating that investors are looking to cash in on the recent gains.
As reported by Santiment, 321 million MNT tokens, worth approximately $286 million, are currently held in exchange wallets. This represents a 3% increase over the last six days, with a significant uptick noted on July 17. Typically, a higher supply of tokens on exchanges suggests that investors are preparing to sell, potentially to take advantage of profitable transactions.
Further data reveals that the seven-day average of the daily on-chain transaction volume’s profit/loss ratio shows that for every loss-making transaction, there are 1.59 profitable ones. This trend underscores the profitability of recent transactions, prompting many investors to consider selling their MNT tokens.
If the selling trend continues, MNT could face downward pressure, potentially causing the price to drop to $0.80, or even $0.50 if the demand significantly decreases. Conversely, if buying interest increases, the price could rise to $0.93. MNT’s current market cap stands at $2.92 billion, with a 24-hour trading volume of $193 million, ranking it 31st overall.
Here are some actionable insights for investors:
These insights can help investors make informed decisions amid the fluctuating MNT market conditions.