Hassan Maishera
TL;DR
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Mantle is the best performer amongst the top 50 cryptocurrencies by market cap in the last 24 hours.
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Its MNT token set a new all-time high price of $1.48 on Wednesday before slightly retracing to now trade close to $1.2.
MNT Rallies by 40% to Reach a New All-time High
MNT, the native coin of the Layer-2 blockchain Mantle, rallied to a new all-time high on Wednesday. The token surged by 40% on Wednesday to reach a new all-time high of $1.48.
Its rally came despite the broader cryptocurrency market experiencing poor performance in the last 24 hours. At press time, MNT is trading at $1.19, down by 19% from its all-time high.
MNT’s positive performance came after the project announced that its Mantle Rewards Station is now live. This implies that that users can connect their wallets and lock their MNT into a vault accumulating rewards.
According to Mantle, the rewards are fully backed by its Treasury. The rewards will be distributed in the form of a receipt token called ‘hard.’ MNT stakers can claim the mShards daily during the locking period (which ends on April 25) by redeeming Ethena Lab’s native token ENA in exchange. At the moment, there are 2.5 billion Ethena Shards estimated to be worth $1.8 million.
MNT’s rally comes as Bitcoin and Ethereum underperformed. BTC is down by 1% in the last 24 hours and is currently trading at $69,761 per coin. Meanwhile, Ether is down by 2% and trades at $3,524.
