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MANTLE daily transactions have declined over 40%, while the asset price dropped over 1.01% in the intraday session
MANTLE is an L2 technology stack for scaling Ethereum and is one of the first core products for the MANTLE ecosystem. It strives to be compatible with EVM while the architecture separates transaction execution, data availability and transaction finality into the modules.
Meanwhile, one can build dApps with exceptional UX while relying on Ethereum’s unrivaled security. It also experiences high throughput with unrivaled security with Ethereum roll-up technology.
MANTLE has low fees and faster finality, achieved by combining roll-up technology. The network also features a network of established partners and collaborators to support projects from conceptualization to infrastructure support to various strategies. Let’s have a look towards the Onchain activity of Mantle:
Will Mantle Decreasing TVL Push The Price Down?
Source: TVL By DefiLlama
MANTLE network is one of the first Layer 2 partners with Ethereum staking layer protocol Eigen Layer while adopting a rollup architecture. MANTLE has a TVL of $270 Million, which has declined from the highs of $357 Million within a few weeks.
The net inflows on the platform have seen no such increase in the past few months. The overall inflow of the protocol has an average of $40.3k, which is 30% lower than the previous month. The monthly developer’s count of the platform for the month of APRIL has remained as low as 6 and has declined ever since.
Meanwhile, the bridged TVL has also taken a hit from a high of $938 Million to a low of $478 Million. The treasury of the protocol remains intact at $821 Million.
Source: Address Map of Mantle by Bubblemaps
MANTLE has 17,706 holders, which has surged by 0.5% in the past few days. Meanwhile, despite increasing addresses, the overall unique sender and receiver count has remained constant throughout 2024. Let’s have a look towards the price action scenario of the MNT token:
Will MNT Token Price See A Comeback Soon?
Mantle network has a market cap of $3.2 Billion and is ranked 31st in the cryptoverse. MNT token has a supply of 6,219,316,795 MNT, with 52.4% circulating in the market.
The token is trading near the value of $1.01, with a drop of 1.5% in the intraday session. The digital asset price currently trades above the 200 and below the 50 EMA. A strong momentum can be expected if the price jumps above the EMA.
MNT token upside trend can see a halt near the value of $1.5. Meanwhile, the asset price support can be near $0.8. The RSI of the MNT token price is currently near 42, with a negative slope suggesting its presence in the neutral zone. The overall sentiment of RSI and MACD is bearish.
Conclusion
Mantle is one of the first layer 2 technologies for scaling Ethereum. The blockchain is currently seeing a decline in overall transactions and the user base. MNT token price is observing a strong bearish momentum but can see a comeback shortly.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
