Ethereum News Today: Mantle Outpaces Layer 2 Peers Amid Sector Downturn

Mantle (MNT), a Layer 2 scaling solution for Ethereum, has shown mixed performance in recent weeks amid a broader downturn in the Layer 2 category. As of the latest data, the MANTLE token is trading at €1.18, reflecting a 12% increase over the past 24 hours, and a 35% rise from one week ago. Despite this, the token remains approximately 9% below its all-time high of €1.29, which was reached on April 8, 2024 [1]. The token’s performance has outpaced its Layer 2 peers, with a weekly gain of 34% and a monthly increase of 79% [1].

The Mantle network, which operates on a modular architecture, has seen 553 buyers and 310 sellers in the past 24 hours, according to on-chain data. The token has been searched 812 times in the same period, indicating growing interest among traders and investors. With a current circulating supply of 3.4 billion tokens, representing 54% of the total supply, the market cap of Mantle stands at €4.01 billion [1]. The fully diluted valuation (FDV) is estimated at €7.40 billion, suggesting a potential upside if the token reaches its maximum supply valuation.

Trading volume has been a key indicator of Mantle’s recent momentum. The 24-hour trading volume is currently at €620.50 million, with a 139.36% increase compared to the previous week. The 7-day volume stands at €2.34 billion, and the 30-day volume reaches €8.63 billion, highlighting the token’s strong liquidity and market participation [1]. These figures place Mantle among the top 290 most popular cryptocurrencies on Coinbase, though its market dominance remains at 0%.

Despite its recent gains, Mantle is still navigating a broader bearish trend in the Layer 2 segment. ZK-based tokens have seen a 44% decline in trading volume over the same period, underscoring the competitive pressure facing Mantle. Analysts suggest that the token’s performance may be influenced by its underlying infrastructure, including its partnership with EigenLayer for data availability and its compatibility with the Ethereum Virtual Machine [1].

Looking ahead, the token’s ability to sustain its upward trajectory will depend on several factors, including the broader market environment, the adoption of its modular architecture by developers, and the effectiveness of its governance model. As Mantle continues to evolve, it remains a key player in the Ethereum scaling ecosystem, with its native MNT token serving both as a governance and gas token [1].

Source: [1] Mantle Price, MANTLE Price, Live Charts, and Marketcap (https://www.coinbase.com/en-es/price/mantle)