• Over 91% of MNT is in profit following slight gains on Thursday.
  • Most investors are still holding onto their tokens despite MNT setting several new all-time highs between March and April.
  • MNT needs a catalyst before it can rally back toward April highs.

Ethereum Layer 2 Mantle (MNT) investors are holding onto their tokens despite the increase in the percentage of coins in profit after rising nearly 4% on Thursday.

MNT holders have yet to book profit

Mantle saw a 3.7% gain on Thursday after announcing a strategic partnership with Dune Analytics. The partnership will allow users to gain insights into Mantle's on-chain metrics via Dune dashboards.

The recent gain has seen the total number of in the money MNT coins rise more than 91%, according to data from IntoTheBlock.

In/Out of the Money reveals the total number of addresses in profit or loss based on their average purchase cost. An address is in the money if its current price is higher than its average cost and vice versa if it is lower.

MNT Global In/Out of the Money

A closer look reveals that 61% of coins purchased between $0.8 and $1.19 are in the money, while 38% are out of the money. Investors who bought during MNT's rally to new all-time highs in March and April are the only ones at a loss. This suggests that most investors are holding onto their tokens.

MNT's high staking yield may be why holders are not selling yet, as they are looking to boost their earnings. However, the incentives to sell may grow higher if MNT sees around a 40-46% rally that pushes it near its all-time high of $1.54.

The launch of spot ETH ETFs could give MNT such a push, considering its closeness with the Ethereum ecosystem. Additionally, Mantle's total value locked (TVL) has been growing, rising 54% in the past 30 days. This indicates increased interest among investors in the Mantle L2 chain.

However, it's important to note that most MNT in circulation is held by whales, meaning the token could face a serious dump if it reaches a considerable high that propels them to book profit.

Mantle's 30-day MVRV is at 5.7%, meaning addresses that bought the coin within the last 30 days are only 5% up on their investment. Hence, a sell-off is unlikely at this stage.

MNT will likely see slight gains and begin a sideways movement in the coming days until it sees a price catalyst.

MNT/USDT 4-hour chart

MNT/USDT 4-hour chart

In case of a bearish move, MNT will fall to collect liquidity around $0.99. MNT will be primed for a surge to tackle its previous all-time high if it rallies more than 8% to overcome the $1.14 resistance of April 26.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP