Manta token soars to $3.7 billion valuation in just 10 days

MANTA is one of the tokens to have gained significant value in the last 7 days. Despite the recent fall of 2.565 in the last 24 hours, it has jumped up by 47.98% in the last 7 days. What makes the climb remarkable is the valuation of Manta, which is now booked at $3.7 billion, which is also remarkable since the token was launched 10 days ago.

Early adopters could get their hands on the token right away, starting January 18, 2024. That was the time when airdrops happened.

Manta Network is based on two separate layers, namely Manta Pacific and Manta Atlantic. It is Manta Pacific that has bagged the TVL worth $1.7 billion. There is a drop in the figure according to select sources; however, Pacific retains the tag of being the third largest Layer 2.

That said, signs are only clear enough to depict that most of the optimistic traders are moving their assets away from the network, speculating about the next airdrop. A tentative date has not been announced. Yet, speculations are gaining momentum.

The network is under scrutiny by the community since it has been learned that it is capable of processing 1.5 TPS. Leading L2s like Optimism and Arbitrum have higher numbers (4.23 and 9.76, respectively). The Manta community is relying on integration with Moonbeam. It is expected to facilitate interoperability with the Polkadot ecosystem.

Moving forward, Manta Network plans to migrate Manta Pacific to a zkEVM solution based on Polygon. There is no timeline or highlight in the roadmap, but it is believed that the migration could happen in the near future.

As for MANTA, the rise has been consistent except in the last 24 hours. That is ironic, especially because dominating cryptos (BTC and ETH) are rising. There is an ease in the selling pressure, with most of the tokens making the best of the situation. Valuations of BTC and ETH are up significantly to spark bullish sentiments for a new ATH by the end of 2024. For instance, BTC is poised to achieve $100k, while ETH could inch closer to $4k.

These predicted estimates vary and may or may not appear in time. Exchanging hands at $3.58 is all that MANTA has at the moment. The slip is less, or rather under control, for the ecosystem. It can bounce back just like every other token.

WEN is another token that is making headlines just 3 days after its airdrop ended. Based on Solana, the token is down by 15% from its high after it marked a rise of over 30% since January 26, 2024. A total of $429 billion in WEN tokens have been claimed by users for an average of $98.5 per address. More than 300,000 holders had come forward to claim their fair share.

The requirements were pretty sleek for those who wanted to claim the token. All they had to do was transact on the Jupiter Exchange over the past six months. That is the leading DEX on Solana in terms of volume. The top two pairs, according to the dashboard of Jupiter Exchange, are USDC/WEN and SOL/WEN.

Circling back to Manta Network, Manta has soared to $3.7 billion in valuation, with Manta Pacific becoming the third largest Ethereum L2 network in terms of TVL. The token is down by 2.04% in the last 24 hours at the time of articulating this piece, but chances are it will bounce back in the next couple of days.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button