The price of Mantra token rose slightly on Friday as its staking reward neared its all-time high and traders braced for the next altcoin rally.
The Mantra (OM) token was trading at $1.2, up 8% from its lowest level this week and 1,700% above its year-to-date low. This rally came as investors predicted that tokenization of real-world assets (RWA) would be the next big thing in the blockchain industry. Mantra has positioned itself as the largest infrastructure project for RWA.
Mantra has already achieved some successes in recent months. For example, the developers signed an agreement with a Major real estate company based in Dubai company will tokenize some of its projects.
The OM token has also performed well due to its recently announced Genesis Drop, which will allow qualified users to receive 50 million tokens. Some of the qualified members include Mantra nft holders, early contributors to the ecosystem, and active community members.
Mantra has also been on the rise thanks to its above-average staking rewards. StakingRewards data shows that almost 50% of all OM tokens in circulation have been staked, while the number of Mantra wallets has increased.
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Recently, Mantra staking reward has been growing and is now at an all-time high of 21.21%. This reward means that, all things being equal, $100,000 invested in OM will generate $21,200 annually.
Mantra has the highest staking reward among major cryptocurrencies. Toncoin (TON) offers a yield of just 2.56% and has a staking rate of 25.23%, while Tron (TRX) offers a yield of 4.15% and Avalanche has a yield of 7.95%.
Unlike most cryptocurrencies, Mantra will not see substantial dilution as the current circulating supply of 837.5 million tokens is close to its maximum supply of 888 million tokens.
Meanwhile, some analysts believe that the cryptocurrency industry could see another altcoin surge in the coming months. In a post on x, Ki Young Ju, the founder of CryptoQuant, noted that the volume of limit orders for altcoins, excluding bitcoin (btc) and ethereum (eth), was increasing.
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A potential catalyst for cryptocurrencies and stocks is the Federal Reserve, which is set to start cutting interest rates in September. The odds of a cut increased after the US published weak employment figures, with the unemployment rate rising to 4.3%, its highest level since 2021.
