MANTRA (OM) Surges 15.7% After Upbit Listing

Upbit, South Korea’s leading cryptocurrency exchange, has recently listed MANTRA (OM), a move that has sparked significant investor interest and marked a notable recovery in the crypto market. This strategic decision comes after a period of market turbulence, including a catastrophic price crash that had previously eroded investor confidence.

The listing of MANTRA (OM) on Upbit has led to a 15.7% price surge for the token, pushing its value to approximately $0.44. Additionally, the trading volume for OM witnessed an impressive rise of 154.4%, indicating a substantial market recovery. This uptick in trading volume and price reflects a renewed interest in crypto trading and signals a potential turnaround in market sentiment.

John Patrick Mullin, CEO of MANTRA, highlighted the significance of this listing, stating, “The listing is a critical step toward regaining trust.” This sentiment is echoed by the market’s positive response, which includes a surge in trading volume and price for OM. The listing also comes with a strategic initiative by Mullin to burn his entire allocation of 150 million team tokens, in addition to collaborating with partners for a further burn of 150 million OM tokens. This move aims to reduce the supply of OM tokens and regain investor trust.

Upbit’s decision to list MANTRA (OM) is part of a broader strategy to foster diverse trading options and revitalize market engagement. The exchange has also listed several other altcoins, including Access Protocol (ACS), GoChain (GO), Observer (OBSR), Quiztok (QTCON), and Rally (RLY). These listings have also benefited from Tether (USDT) trading pairs, further enhancing market liquidity and investor interest.

The market responded energetically to these announcements, with GO and RLY initially soaring by 105.8% and 136.3% respectively within moments of the news. By press time, their gains adjusted to 52.1% and 21.8%, respectively, indicating a robust market response. ACS showed an uptick of 12%, OBSR increased by 6%, and QTCON saw an 18% rise shortly after trading commenced. These movements illustrate an encouraging turn in market sentiment and increased investor interest.

Upbit’s comprehensive portfolio of over 240 coins and its substantial 24-hour trading volume position it as a pivotal player in the global cryptocurrency landscape. The exchange’s trust score of 8 out of 10 further underscores its reliability and credibility in the market. Moving forward, the industry will closely monitor how these developments influence broader market trends and investor confidence.