Moving forward, we will first explain what the Mantle crypto project is. As such, you will learn the gist of Mantle Network, what makes it unique, and who is backing this project. We will even take a closer look at the network’s architecture and the project’s roadmap.
Next, we will shift our focus to the MNT coin and explain what the token is all about, analyze its tokenomics structure, and what role it plays in the Mantle Network ecosystem.
Once we ensure that you’re all caught up with the basics of this new layer-2 scaling solution, we will dive into the MNT token’s price. As such, we’ll properly analyze the available data regarding $MNT’s price action. Plus, using TA tools and comparing Mantle with other popular scaling solutions, we’ll speculate on the token’s price.
We’ll also address the question, “Should you buy the Mantle crypto coin?” For those of you shouting a resounding “Yes!” we’ll even direct you to the best places to buy $MNT.
Plus, as a bonus, you’ll learn how to move beyond MNT or any single altcoin. With Moralis Money, you’ll get to start seeing the big picture of the altcoin investing/trading game!
Exploring the Mantle Crypto Project – What is Mantle Network?
Mantle Network is a new Ethereum layer-2 (L2) scaling solution. It is an EVM-compatible execution blockchain network that utilizes Ethereum to cover three key functions.
For those of you who are new to scaling solutions, it’s worth mentioning that many projects are trying to solve the scalability challenge. After all, scalability is one of the three core aspects of the famous blockchain trilemma. While there are still new layer-1 networks aiming to become better than Ethereum, scaling on top of Ethereum seems more promising.
Scaling solutions are also known as “modular blockchains.” So, unlike monolithic ones (e.g., Ethereum), which cover all four key functions – execution, settlement, consensus, and data availability – modular chains typically focus on one of the four core functions. And most often, they cover execution and rely on monolithic chains to cover the rest.
As you can imagine, the network wasn’t built overnight. In fact, the Mantle testnet has been running successfully for more than six months before the mainnet launch on July 17, 2023.
Mantle Network is the core of the Mantle ecosystem, and the entire Mantle project is possible thanks to BitDAO – the Bybit-backed initiative to support blockchain development.
Architecture and Roadmap
Take a moment and look at the above image – it will give you a decent overview of the Mantle crypto ecosystem.
As you can see, the Ethereum blockchain is the foundation upon which Mantle Network is built. The latter uses a popular L2 scaling solution known as optimistic rollups. However, Mantle has its own unique twist that includes an innovative data availability (DA) solution powered by EigenDA technology.
Note: EigenLayer is a re-staking protocol that enables any rollup-based L2 to guarantee data availability by leveraging Ethereum’s trust.
Since Mantle Network is EVM compatible, it is able to support the same smart contracts and dapps as Ethereum. However, it does so at a faster throughput. Mantle LSD (liquid staking derivative) is not yet live (at the time of writing), but it will offer those who stake on Ethereum to re-stake their staked ETH. The ecosystem is also anticipating many other projects as it expands and gains adoption.
As for the Mantle governance and treasury, they are essentially transitioning from BitDAO. After all, ever since the launch of the Mantle mainnet, BIT (BitDAO’s native token) holders can migrate this asset into the MNT coin in a one-to-one ratio. Additionally, as you can see in the above image, the MNT token makes the entire ecosystem fluid.
The following schematic should help you further solidify your understanding of Mantle’s architecture:
Note: In case you find it challenging to understand the above diagram, visit Mantle’s documentation for a detailed explanation.
As far as the Mantle’s roadmap goes, there are no clear dates or milestones to be found on the project’s official website or docs.
What is the MNT Coin ($MNT)?
The MNT coin is Mantle Network’s native cryptocurrency, and MNT ($MNT) is the token’s symbol/ticker. Furthermore, it is an ERC-20 token that was minted on the Ethereum chain on June 20, 2023. That transaction created a total of 10,000,000,000 MNT tokens.
Tokenomics
A decent portion of the amount mentioned above of the MNT coin has already been burned. As such, the current total supply sits at 6,219,316,794.99, according to Etherscan:
Aside from the token’s current total supply, here are other important aspects:
- Initial total supply: 6,219,316,768 (according to Mantle’s documentation)
- Token type: ERC-20 token
- Contract address on Ethereum: 0x3c3a81e81dc49a522a592e7622a7e711c06bf354
- Token addresses on Mantle Network (you can use the Mantle bridge to transfer tokens from the Ethereum to the Mantle chain):
- For MNT: 0xDeadDeAddeAddEAddeadDEaDDEAdDeaDDeAD0000
- For wMNT: 0x78c1b0C915c4FAA5FffA6CAbf0219DA63d7f4cb8
- Token addresses on Mantle Network (you can use the Mantle bridge to transfer tokens from the Ethereum to the Mantle chain):
- Initial distribution of the MNT token:
- 51% of the initial total supply into circulation
- 49% of the initial total supply into the treasury
What is the MNT Token’s Role?
The MNT coin has a dual role. On the one hand, it serves as the native currency of the Mantle blockchain and, in turn, powers transactions. So, whenever any user executes a transaction on the Mantle mainnet, its $MNT is used to execute it – to cover gas fees.
On the other hand, the MNT coin also serves as the ticket to the governance voting power. Each $MNT carries an equal vote weight. With it, holders get to actively participate in DAO voting and influence the decision-making process. In that aspect, the token is taking over $BIT’s function.
Note: If you hold $BIT, make sure to visit Mantle’s official instructions on how to convert it into $MNT. If your $BIT is on centralized exchanges, the conversion will be automatic in most cases.
Aside from this primary utility and use cases of MNT, the token can serve as a collateral asset for the Mantle mainnet nodes. In that case, it serves to additionally incentivize participation and contribution to the security and stability of the network.
Of course, the coin can also be used to transfer value and for speculative trading, which brings us to the Mantle crypto price analysis!
MNT Coin Price Analysis
The MNT coin started to trade on July 17, 2023. As such, it doesn’t offer a lot of price data. However, since the token is, in a way, taking BIT’s place – the latter is migrated in the one-to-one ratio – we can use $BIT’s data for additional insight.
If we look at the above hourly chart showing the MNT coin’s price action, we can see that the price hasn’t changed all that much. The listing price was $0.04733, which increased by roughly 25% in the first two days. However, after touching the $0.6 price mark on several occasions, the price decreased slightly.
At the time of writing, $MNT retests the $0.51-$52 region previously served as resistance. As such, it now has the potential to turn into support.
MNT Coin Price Speculation
Since the above chart doesn’t tell us much, let’s look at $BIT’s weekly price action:
In the chart above, we’ve marked all major levels BIT reached in the past. These levels act as support/resistance.
We can also see that it is highly likely that BIT’s price reached the bottom at the end of 2022 at the $0.27-ish level. Following that low, the price doubled and has been ranging, more or less, sideways since January 2023.
Currently, $0.42-ish acts as a rather important support level. So, unless there is some bad news for Mantle or we see a crypto market correction, we can expect this level to hold for the MNT coin’s price as well. There are a couple of levels in between; however, the next important price region to consider is the one between $0.6-$0.64.
If $MNT manages to break above $0.64 and the crypto market embarks upon a bull run, we could see the token reach other higher levels. Eventually, it could reach BIT’s ATH, which sits at $3.0814.
To speculate on the next potential ATH price (if/when the above gets broken), we can use the Fibonacci retracement tool. The tool’s most optimistic level (the “4.236” extension level) points to $12.17.
Additionally, we can look at the two other leading L2 projects and their tokens’ prices: ARB and OP. However, we can see that both of these tokens’ market caps already sit below Mantle’s. Plus, both ARB and OP went live in the bear market, so their ATHs in market caps can’t really serve as a reference to what is possible for the Mantle crypto.
Should You Buy the Mantle Crypto?
All in all, it is possible that L2 tokens will be one of the focal points of the upcoming bull run. In that case, the price of the MNT coin could go even beyond the above-outlined speculative prices. Still, it is rather difficult to predict how high $MNT’s price could go. That said, it will definitely compete with ARB and OP for the top place.
Still, since all these assets already sit above a billion-dollar market cap, the upside potential is not as high as with some other altcoins. At the same time, the positive reputation of Bybit and BitDAO gives the Mantle crypto project a lot of credibility. Thus, the risk of investing in $MNT is also on the lower end.
Aside from chasing potential gains, you may also be interested in joining the Mantle DAO. In that case, you’ll also need to buy the MNT token. So, that’s another aspect to consider when deciding whether or not to get a bag of $MTN.
Since we are not financial advisors, we can’t answer the above question for you. However, based on the information and resources provided herein, you should be able to make an informed decision yourself. That said, we encourage you to research the Mantle crypto project and its native coin further. And the best place to do that is brought to you by Moralis Money.
By visiting Moralis Money’s Mantle ($MNT) token page or using the interactive widget below, you can build up your conviction about why you should or shouldn’t buy MNT.
Plus, on that page, you can find Mantle’s real-time, on-chain metrics (alpha metrics). As such, you can determine whether or not the token is gaining on-chain momentum. Moreover, since on-chain activity always precedes price action, you can time your entries/exits efficiently.
Where to Buy the MNT Token?
If you decide you wish to get a bag of $MNT, you have several options. Just use the “Market” section on CoinGecko or CoinMarketCap page for that token. There, you’ll find a list of all CEXs and DEXs that offer the relevant training pair, including the trading volume. As such, you can easily pick a market that best suits your goals.
But don’t forget to first use Moralis Money’s real-time on-chain metrics to determine the current condition of the MNT token.
Speaking of Moralis Money, you should also note that there’s a lot more to this tool than exploring individual alts. The core feature of this ultimate on-chain analysis tool – Token Explorer – helps you find the best altcoins at any given time.
Thanks to this functionality, many Moralis Money users, especially the ones on the Starter and Pro plans, have been spotting alts early. As such, these traders in the know have been pocketing some insane gains. After all, many entered tokens like PEPE and LADYS. However, some of the latest tokens that Moralis Money users made profits on include Mog Coin, LOOT, ARKM, WLD, and HAMS.
So, make sure to use the full power of Moralis Money today! Do not miss out on yet another bull market!
Explore the Mantle Crypto Network and Analyze the MNT Coin – Summary
If you went through the above sections, you learned what the Mantle crypto project is all about. You now know that it is a new optimistic-rollup L2 network with a unique DAO twist. You also found out what the MNT coin is and what its use cases are. Plus, we performed an MNT token price analysis to help you decide whether or not the project and its native token deserve your further attention.
By now, you also know that after reading this article, you should either research Mantle further and decide if now’s the right time to buy it. Or, go explore real-time, on-chain data for other altcoin opportunities with Token Explorer!
