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Mantle Transaction Surges 100%, As TVL Drops By $100 Million

Mantle Network is an L2 technology for scaling Ethereum and is compatible with the EVM. Its modular architecture separates transaction execution, data availability and transaction finality into modules which can individually adopt the latest innovations.

Recently wormhole has added support to the Mantle network which has enhanced the Ethereum L2 interoperability. This integration will provide developers and users with an exceptional on-chain experience by combining performance and execution. Lets have a look at the on-chain transactions of Mantle.

Active Addresses of MANTLE Slumps to 3 Month Low

The official token of Mantle network is MNT and has a total supply of 6.2 Billion in which 52.53% is circulating in the market. As per the coinmarketcap analytics, the overall holdings of the whale have declined from the start of 2024. MNT has a total of 18269 holders which has increased slightly in the last few weeks.

Source: Daily Transactions Of Mantle By Artemis

Mantle protocol had observed a surge of more than 100% in the daily transactions from May to Jun 2024. In May, the overall transactions in the network were around 300k, then, it surged to 600k in June. Meanwhile, as per Artemis, the overall daily active addresses slumped to a three-month low. It declined from the high of 190k to the low of 90k last month.

Source: MNT TVL by Defillama

Mantle network recorded a decline in the overall TVL from the high of $446 Million to the low of $364 Million in the last few weeks. The net inflow of the protocol surged to $550k from the low of -$20k in May.

Will MNT Price Hit the High of $1 Soon?

adarshmergent on TradingView.com

Mantle network has a market cap of $2.56 Billion and is currently ranked 35th in the cryptoverse. The overall volume of the MNT token declined 24% in the past 24 hours. MNT token price is currently trading near the value of $0.78 with a slight gain in the intraday session.

MNT price is currently trading in a downtrend bearish channel on the daily chart. It is forming weak consolidated candles and trading below the 100 EMA.The upside trend of the MNT can see a halt near the value of $0.95. Meanwhile, the support of the asset price can be observed near $0.6. The RSI of MNT is near 33 suggesting its presence in the oversold zone. The overall sentiment of the RSI is bullish.

Will MNT See a Revival With Ethereum Surge?

The current correlation between the ETH and MNT is 0.86. Ethereum has been consolidating along with the other protocols. If ETH price surges above the $4k mark then a strong and robust rally if the correlation remains the same between the MNT and ETH.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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