Altcoin
Will OM Price Hit New ATH As Mantra Unveils 50M Airdrop Details?
MANTRA has announced details of its highly anticipated 50 million $OM token airdrop, sparking excitement across its community of over 350,000 participants. Eligible recipients, including stakers, NFT holders, and active ecosystem members, will receive tokens based on various engagement levels.
Currently trading at $1.39, $OM could see renewed interest and momentum as users claim their rewards. The airdrop scale and distribution strategy have sparked speculation about potential price action in the coming weeks.
MANTRA Unveils Key Details on Massive 50M $OM Airdrop
MANTRA latest 50 million $OM token airdrop has attracted major attention within the crypto community, revealing specific allocations to different groups. The airdrop primarily rewards active participants across various campaigns, including Pre-Mainnet Quests, ATOM staking, and several NFT-based rewards. With over 350,000 users included, the airdrop signals its dedication to community engagement and loyalty rewards, further reinforcing user interest in the $OM ecosystem.
🕉️ GenDrop Checker is LIVE!
The community can now check their allocations of the 50M $OM GenDrop. https://t.co/PfRQ117pWz
We also published a breakdown of the eligibility criteria, indicating the various activities, $OM allocation per bracket, and eligible addresses in the… pic.twitter.com/FcVZ5anBBq
— MANTRA | Mainnet LIVE (@MANTRA_Chain) November 8, 2024
The largest allocation, about 60%, goes to users involved in the KARMA Pre-Mainnet Quests, benefiting the top 124,760 addresses from a participant pool of over 615,000. To ensure fairness, this top RWA coin employed a unique Kurtotic Adjustment for distribution, which lessens allocation discrepancies. Kurtotic Adjustment reduces the influence of extreme values in data, making analysis more accurate and reliable. The adjusted allocation means that 1 $OM equates to approximately 6.797 adjKARMA, offering loyal users greater value for their engagement.
Additional reward pools include 8% for ATOM stakers, rewarding those who supported MANTRA validator node. This group will also benefit from its future initiatives, such as the ATOM/USDC liquidity pool on MANTRA Swap. NFT holders in the Bad Kids, Celestine Sloths, and Pudgy Penguins collections also receive substantial rewards, with fixed $OM allocations per NFT held. This approach solidifies its commitment to its user base while broadening ecosystem adoption.
Can the Growing User Base Push $OM to a New ATH?
The $OM token is currently trading at $1.39. Its price fluctuated between $1.38 and $1.48 in the past 24 hours. Despite a 7% drop in the last week, the token has gained 4% over the past month. Daily trading volume stands at $40 million, showing strong liquidity. The all-time high for $OM is $1.62, suggesting room for growth.
With over 350,000 users participating in the airdrop, demand for $OM is likely to rise. As tokens are distributed, momentum should increase. This could push the price higher and potentially surpass its previous all-time high.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Elon Musk has doused optimism for the US government to adopt Dogecoin at the America PAC town hall event. The head of the Department of Government Efficiency (DOGE) noted that the government agency only bears a nominal resemblance to the memecoin.
Elon Musk Dispels Rumors Of Dogecoin Adoption By The US Government
At a recent event, Tesla CEO Elon Musk cleared the air on the potential adoption of Dogecoin by the US government. In his keynote speech, Musk noted that the US government will not be adopting Dogecoin, contrary to swirling speculation.
Musk noted that the speculation gained traction following the launch of the Department of Government Efficiency (DOGE). Following the launch of DOGE and Musk tapped to lead the agency, enthusiasm for Dogecoin government utility reached new highs.
However, Musk clarified that the agency bears only a nominal resemblance to the memecoin, stemming from an internet trend. The Tesla CEO disclosed that the original intended name was the Government Efficiency Commission, opting for DOGE “because the internet is right.”
“The name is similar but they are two different things,” said Musk. “But there are no plans for the government to use Dogecoin as far as I know.”
Musk has a long and storied history with Dogecoin, famously shilling the memecoin and integrating DOGE payments for Tesla. Musk teased an anime-themed DOGE on X, setting the stage for a $2 rally for the memecoin.
DOGE Reacts Negatively To The News
Dogecoin price slumped by nearly 2% in the wake of the grim report. Currently, the memecoin is trading at 0.1660 as it eyes a push toward the $1 mark.
The negative fundamental adds pressure to reports of DOGE forming a falling wedge pattern, signaling a potential downward breakout. However, optimists are rippling with confidence that DOGE can shake off the negative sentiments to post new all-time highs.
One analysis claims that if the Dogecoin price breaks a 3-month trendline, an $8 valuation for the memecoin is in play. Others claim that the House of Doge Reserve launch will be a tailwind for Dogecoin price, sending the dog-themed coin on a strong rally.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto inflows hit $226 million last week, signaling a cautiously optimistic investor sentiment amid ongoing market volatility.
According to CoinShares data, altcoins broke a five-week streak of negative flows, recording their first inflows in over a month.
Crypto Inflows Hit $226 Million Last Week
This turnout marks a significant slowdown from the previous week when crypto inflows hit $644 million, ending a five-week outflow streak. Before that, inflows peaked at $1.3 billion, with Ethereum outpacing Bitcoin in investor demand.
“Digital asset investment products saw $226 million of inflows last week suggesting a positive but cautious investor,” read an excerpt in the report.
The pullback to $226 million last week suggests a more measured approach by investors as they assess macroeconomic conditions and regulatory uncertainties.
Specifically, CoinShares’ researcher James Butterfill ascribes Friday’s minor outflows of $74 million to core personal consumption expenditure (PCE) in the US, which came in above expectations.
“The Fed’s preferred measure of inflation (Core PCE) moved up to 2.8% in February & remains well above their 2% target that has yet to be achieved. The market is expecting the Fed to hold rates steady again at their next meeting on May 7 (at 4.25-4.50%),” investor Charlie Bilello noted.
Nevertheless, this turnaround comes after nine consecutive trading days of inflows into crypto ETPs (exchange-traded products).
Despite the slowdown, Bitcoin continued to attract strong inflows of $195 million. Meanwhile, short-Bitcoin products registered outflows of $2.5 million for the fourth consecutive week. This suggests that investors are leaning bullish on Bitcoin, even as altcoins begin to recover.
The CoinShares report shows that altcoins saw $33 million in inflows last week after suffering $1.7 billion in outflows over the past month.
Altcoins Rebound After $1.7 Billion in Outflows
Ethereum (ETH) led the recovery, attracting $14.5 million, then Solana (SOL) at $7.8 million, while XRP and Sui recorded $4.8 million and $4.0 million, respectively. Market analysts believe altcoins may be bottoming out, creating potential buying opportunities.
“Altcoins are oversold. The bottom is close. We’re ready for a bounce,” renowned analyst Crypto Rover highlighted.
Other analysts echoed the sentiment, suggesting growing attention toward altcoins. Among them was trader Thomas Kralow, who said, “altcoins are setting up for a comeback.”
Adding credence to this bullish outlook for altcoins, project researcher BitcoinHabebe, known for insightful mid-low cap sniper entries, pointed to technical indicators suggesting a market reversal.
“While bears are trying to spread fear & make you sell your altcoins, the TOTAL3 [Altcoins market cap chart excluding Bitcoin and Ethereum] just bounced off an HTF [higher timeframe] retest,” the analyst stated.
This means most coins have bottomed out and are expected to start reversing soon. Cole Garner noted a key buy signal in market liquidity metrics, further supporting this view.
“Tether Ratio Channel already flashed a double buy signal this month. Now my lower timeframe version is popping off. Fresh capital incoming,” he indicated.
The Tether Ratio Channel is an on-chain analytical tool that helps traders identify potential buy signals. It tracks the ratio of Bitcoin’s market capitalization to that of stablecoins, acting as a leading indicator for short- to medium-term trends.
When the ratio hits certain levels, it can signal shifts in market sentiment, often indicating whether fresh capital is entering or exiting the market.
While overall crypto inflows have slowed compared to previous weeks, the return of capital into altcoins suggests renewed investor confidence. Analysts see signs of an impending altcoin rally, with market metrics indicating that most coins have bottomed out.
As investors weigh macroeconomic uncertainties, the coming weeks could be critical in determining whether the altcoin recovery sustains momentum or if caution prevails.
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Cardano price is repeating a pattern from 2024 that experts say is a signal for a massive pump in the coming weeks. While present figures are largely underwhelming for ADA, investors are brimming with confidence for a strong reversal in the near future.
Cardano Price Can Reach $2.5 In May
According to pseudonymous cryptocurrency analyst Master Kenobi, Cardano price is exhibiting cyclical behavior. In a post on X, Master Kenobi notes that ADA’s consolidation in recent days mirrors its price action from Q3 of 2024.
At the time, Cardano’s price suffered a steep correction in early August and endured a lengthy consolidation period before rallying. Presently, Cardano’s price is consolidating after the deep in early February that sent prices to $0.49.
“ADA is currently in a consolidation phase that resembles its behavior from August-September 2024,” said Master Kenobi. “Since the dip on August 5, it hasn’t recorded a new low – just as it hasn’t now, following the dip on February 3.”
According to Master Kenobi, a lengthy consolidation phase will be the precursor for an impressive rally for Cardano’s price. The analyst theorizes that the incoming rally will send Cardano to impressive levels in May. In the short term, analysts are eyeing ADA to hit $1, citing rising whale activity and positive fundamentals.
“If this pattern holds, May could bring a massive pump, potentially pushing the price toward $2.5,” said Master Kenobi.
ADA Ripples With Bullish Activity
At the moment, Cardano price is trading at $0.6646, a far cry from its all-time high of $3.10. Despite the lull in price action, the ecosystem is brimming with bullish activity for higher valuation.
Investors have their eyes on $10 after ADA outperformed top S&P 500 companies in a strong show of resilience. Futhermore, increased whale activity in the space is signaling an impending rally for ADA as community sentiment reaches an all-time high.
Analysts have opined that an ADA rally to $10 is not a crazy prediction, citing a slew of positive fundamentals for the network. However, pundits are urging investors to brace for multiple corrections in the march to reach a valuation of $10.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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