Why is Mantle (MNT) crypto rising?

Mantle Network’s active community engagement, along with participation in real-world events like the “Ethereum Hong Kong,” positions it for further growth and influence in the crypto market. After a sharp decline since July this year, Mantle (MNT) cryptocurrency has seen a remarkable surge in its value, with its price shooting up by 12.32% in just 24 hours.

The moving average and the MACD indicator crossover suggest that the bullish trend could continue for some time.

This rapid rise has caught the crypto community’s and investors’ attention, leaving many wondering about the driving force behind this bullish trend.

Factors pushing Mantle (MNT) price up

At press time, Mantle (MNT) was trading at $0.3757. It has also climbed to position 38 among the largest cryptocurrencies by market capitalization.

The market cap currently stands at $1,166,344,660, while the 24-hour trading volume reached $43,022,350, placing it 60th in terms of trading activity.

One significant factor contributing to Mantle’s surge is its strong presence in decentralized finance (DeFi). The project’s Total Value Locked (TVL) on Ethereum Layer 2, has surged by an impressive 42.10% within a mere seven days, crossing the $120 million mark. This substantial TVL increase signifies heightened user trust and activity within the Mantle Network.

Besides the growing TVL, Mantle’s recent price surge can also be attributed to the exciting features introduced through the Citizens of Mantle Mint and FusionX Finance and their active community engagement and participation in real-world events.

Mantle Network appears to be poised for continued growth and influence in the cryptocurrency market.

Citizens of Mantle Mint and FusionX Finance Launch

On October 11, Mantle officially opened the Citizens of Mantle mint offering those who had registered for the whitelist an opportunity to mint their Citizen of Mantle NFTs.

The Whitelistees were offered a one-month window, from October 11 to November 9, to mint their “Citizens of Mantle” NFTs, further promoting user engagement and involvement.

As of today, more than 34,000 users have already minted their NFTs according to a tweet from Mantle.

Besides the Citizen of Mantle mint launch, FusionX Finance, the native decentralized exchange (Dex) of Mantle Network, unveiled the launch of its Perpetual Dex on Mantle’s Testnet. This development signals the platform’s intent to explore the future of decentralized finance and derivatives trading, further elevating its position in the DeFi landscape.

Ethereum Hong Kong Event

Mantle’s presence extends beyond its online community, with its head of ecosystem, Arjun Kalsy, participating in an Ethereum Hong Kong event.

This event presents an opportunity for community members to engage with key figures in the Mantle Network and delve into discussions about the potential impacts of decentralized technology on society.

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