What’s Behind Manta Network’s 34% Monthly Gains?

Manta Network (MANTA), a privacy-focused modular blockchain for Polkadot and Ethereum ecosystems, has soared by a remarkable 34% in the past month despite the cautious mood in the overall market. Here’s why you need to pay attention to this new entrant in the crypto market.

A Look at Manta Network’s Fundamentals

Growing Demand for Privacy

As DeFi explodes, concerns about user privacy and data security rise. Manta Network tackles these concerns with anonymous transactions and private smart contracts, attracting privacy-conscious users. Manta Network’s total value locked (TVL) surged 68% month-to-date to around $464 million, outpacing Coinbase’s Base and Sui to become the ninth-largest blockchain in TVL.

Vitalik Buterin’s Endorsement

Ethereum co-founder Vitalik Buterin’s recent comments on Layer-2 scaling solutions, highlighting their potential for uptrends, boosted L2 networks like Manta. Manta Pacific, a layer 2 scaling solution, also sees its TVL rally to $1.7 billion, making it the third largest layer 2 blockchain.

Product Development and Adoption

MantaSwap, a decentralized exchange (DEX) offering privacy-preserving token swaps, recently launched. This product could be attracting new users and driving MANTA demand.

Strategic Partnerships

Collaborations with prominent players like Chainlink and The Graph enhance Manta’s reach and credibility, potentially boosting investor confidence.

Positive Tokenomics

MANTA’s tokenomics model incentivizes staking and long-term holding, reducing selling pressure and contributing to price stability.

MANTA Airdrop Fuel

The growth of Manta Network started with the announcement of an airdrop of MANTA tokens for people joining the New Paradigm campaign, attracting many participants. The recent MANTA airdrop attracted significant attention, potentially introducing new users and investors to the project, contributing to increased adoption and demand.

MANTA/USD Technical Analysis

• Chart Breakout: Breaking above a key resistance level suggests a potential continuation of the uptrend.
• Strong RSI: While currently above 70, suggesting potential overbought conditions, it doesn’t necessarily imply a reversal.
• Bullish MACD Crossover: This indicator further supports the possibility of continued price appreciation.