TLDR
- Mantle surged 18% in 24 hours, reaching a new ATH of $1.65.
- Bybit partnership introduces new MNT pairs, boosting trading volume.
- MNT’s social dominance increased by 0.345%, reflecting strong retail interest.
- Mantle’s market cap hit $5.3 billion with growing network activity.
Mantle (MNT) has hit a new all-time high (ATH) of $1.65, marking a significant price surge of 18% within 24 hours. The surge follows the announcement of an expanded partnership with Bybit. The price increase is driven by the introduction of new trading pairs and the addition of yield rewards as part of the “MNT x Bybit 2.0” initiative. As of the latest data, Mantle’s market capitalization is now $5.3 billion, with a fully diluted valuation of $10.1 billion.
The recent developments in the MNT ecosystem have spurred a series of positive reactions, both from retail traders and institutional investors. Mantle’s increased trading volume is a reflection of the heightened interest. The market responded with rising open interest in derivatives and a significant increase in futures trading.
Bybit Expands MNT Pair Listings and Offers Yield Programs
On September 10, Bybit revealed a further commitment to the Mantle ecosystem through the “MNT x Bybit 2.0” update. This expansion has introduced several new MNT spot pairs against well-known assets such as SOL, ETH, ADA, and SUI. Bybit also launched a “HODL & Earn” event, where users who hold MNT and XUSD can participate in a prize pool of 60,000 XUSD until September 16.
The trading activity in Mantle’s token surged sharply in response to these updates. The 24-hour spot volume reached $655 million, reflecting a 41% increase compared to the prior day.
Additionally, derivatives trading activity spiked, with open interest climbing 31% to $203 million and daily futures volume jumping 117% to $268 million. This surge indicates more traders are opening leveraged positions, which can increase price volatility.
Mantle’s Social Dominance and Network Activity Surge
On-chain data further supports the bullish momentum surrounding Mantle. According to Santiment, MNT’s social dominance—an indicator of its visibility across social media platforms—has risen sharply since September 7. It now stands at a 30-day high of 0.345%. This surge in social dominance highlights growing attention from retail traders and increased speculative interest.
Moreover, the number of daily active addresses on the Mantle network has seen an exponential increase, with active addresses up by over 300% since September 7.
This rise suggests that more users are engaging with Mantle’s ecosystem, further supporting the rally in MNT’s price. The increase in network activity is a key indicator of stronger demand for the token and bodes well for its continued growth.
Market Reaction and Future Prospects
Mantle’s price rally is also backed by strong fundamentals, including the significant growth of its stablecoin supply, which has increased by 210% year-on-year to $713.8 million. As the ecosystem continues to expand, the token’s future looks promising.
With Bybit’s deepened integration of Mantle, new spot trading pairs, and an expanded suite of perks for users, the demand for MNT seems poised to continue growing.
Market analysts have started pointing toward a possible move to $2 as the next target for MNT. If momentum continues, projections suggest that the token could potentially reach $3.50, based on longer-term Fibonacci targets.
