Mantle’s MNT Defies Altcoin Slump - Targets Fresh Highs This October

While altcoins bleed, Mantle's native token charts its own course.

Defying Gravity

MNT bucks the broader market downturn with bullish momentum building through September's final week. The token's resilience stands in stark contrast to double-digit losses across the crypto sector.

October Catalyst

Traders position for a breakout as technical indicators flash green. Historical patterns suggest Q4 could deliver the rally retail investors keep praying for—while hedge funds quietly take the other side of the trade.

Mantle's infrastructure plays catch-up with its token's performance, proving once again that in crypto, fundamentals sometimes arrive fashionably late to the party.

The rally of MNT followed last day’s growth for a smaller selection of altcoins, as reported by Cryptopolitan. MNT showed the market had sufficient enthusiasm for recovery, producing all-time peaks for previously less active tokens. 

MNT also helped the altcoin season index, which recovered to 76 points, once again indicating altcoins were hot and could invite heightened demand. MNT tokens traded with open interest near an all-time high of $256.22M. 

On Hyperliquid, just eight whales are competing for the direction of MNT, equally split for long and short positions. The recent rally caused unrealized gains for short positions, as the biggest whale shorted MNT in a position valued at $2.15M. 

MNT receives fee discounts on Bybit

The recent price rally coincided with Bybit’s new trading incentive program. MNT is the first token beyond stablecoins that is offering fee offsets on Bybit. 

MNT tokens will also unlock Bybit VIP perks, as tokens have a bigger weight in calculating VIP assets. Demand for MNT may be rising as the token allows Bybit traders to gain VIP status with a lower capital commitment. 

The recent price rally comes from the incentives of holding MNT, or using the token to pay lower trading fees. Bybit currently carries over 56% of the total MNT volumes, becoming the key factor behind the rally with concentrated liquidity. 

Mantle network posts peak activity

Mantle network rode the general trend of expanding L2 activity. The chain carries out a near-record number of operations, while securing around $2.22B in value. 

Mantle still does not count as a fully decentralized L2 chain, but has nevertheless benefitted from the shift of economic activity. The chain secures only around $253M in its DeFi industry, as it lacks liquid staking and lending, two of the apps with the biggest potential reserves. 

Nevertheless, Mantle posted growth in the past month, as the Agni Finance DEX expanded its activity. For now, Mantle is yet to recover its DeFi activity levels from October 2024, though metrics have improved in the past month. Mantle is currently a limited producer of fees, and is trying to promote its chain in a bid to grab a larger share of the ethereum ecosystem. 

Over 46% of MNT tokens are held in the BitDAO treasury. The token’s supply is traded on Ethereum, with a significant interconnection between large wallets, based on Bubblemaps data. Currently, Mantle is a relatively niche asset, using the altcoin boom to boost its positions and exposure. While the token is highly active, its activity and volumes are too concentrated on one exchange and may not be sustainable.

Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.