The Manta Network has become the matter of the moment at present in the industry with its token launch on January 18, 2024. Even though the token is less than 1 week old, the Manta project came to existence in September, 2023.

Following the MANTA token launch, its price increased massively in the few hours. However, the price dropped later and now Manta token is demonstrating extreme volatility in the market. It is trading at $2.43 at the time of writing, recording 3% drop in the last 24 hours but 6.96% growth since its launch.

Keeping the market performance aside, is Manta network truly worth the hype it created in the market this year? Let us find that in the present blog post.

What Exactly is Manta Network?

The Manta network is the brand-new project that recently launched its mainnet in September, 2023. With various outstanding features such as fast transactional processing at low fees and ZK use cases, among the others, the Manta network is grabbing the attention of the industry.

Being a modular blockchain built on the Ethereum network, the Manta helps developers build dApps seamlessly. Its mainnet Manta Pacific is the first-of-its-kind EVM-equivalent ZK-application platform. With the help of Celestia DA and Polygon zkEVM, the Manta network ensures that it is scalable and secure.

The Manta network offers layer1 blockchain-like ultra-fast transactions along with layer2 blockchains-like extremely lower gas fees. Adding to these features, it also helps in developing Solidity-based decentralized applications with its modular architecture.

Market Performance of Manta Network (MANTA)

Manta token price chart

Even though the Manta Pacific mainnet was launched several months before in September, the MANTA token started trading on open markets from January 18, 2024. The total supply of MANTA tokens is limited to 1 billion and its starting price was around $2.3212.

In the first couple of hours of its launch, the MANTA token witnessed a huge price spike and went to as high as $2.67 and then dropped to $2.05. Various factors such as Binance listing MANTA tokens and the airdrop of almost half of the token supply, which is $50 million, have contributed hugely to the market performance of the MANTA token.

The fact that one of the renowned crypto exchange platforms, like Binance, listing the MANTA token, soon after the project launch is noteworthy. Following the footsteps of Binance, other major crypto exchanges have also listed MANTA tokens for buying and selling. Adding to all these factors, the token airdrop of MANTA tokens took place on January 18, rising the interest among investors in the industry.

After recording some highs lows in the first couple of days of its launch, the Manta token price continuously rose on January 21 and reached its first all-time high value of $2.77. However, it dropped again and is currently trading at $2.43, with a 3% drop in the last 24 hours and 6.96% overall growth.

While all cryptocurrencies are volatile in nature, the MANTA token is showing a bit extreme volatility, recording ultra-lows and peak values within a short period. However, these extreme price fluctuations might subside as the project gains momentum and a wide user base.

Is Manta Network Worth the Hype in 2024?

Amidst the market performance of Manta token and the unique features the project is bringing to the industry, one question remains – is the Manta network worth the hype?

The uniqueness and true real-world applications never fail to make a project successful in the crypto industry. And, the Manta project stands out from many existing and upcoming projects, coming like a breath of fresh air in the crypto world as we see it today.

Right on the token launch day, the Manta network suffered a DDoS attack. However, the fact it is still up and running with no major damage to the network is appreciable. Additionally, Binance integrated Manta network to its launchpool even before its token launch, on January 15, 2024.

While the modular architecture helps developers build ZK applications, which in turn help in building the Web3 world, the most crucial features like faster transaction processing and low gas fees also make a huge difference.

Since its launch in September, the Total Value Locked (TVL) on the Manta network has been rising relentlessly and its growth has been accelerating since December. As per DeFiLama, the TVL on the Manta network is over $440 million, which is a noteworthy milestone to achieve within a few months of its launch.

All things considered, the Manta network definitely seems like it’s worth hype this year. Whether the network successfully delivers all the things it promised will decide its future growth and performance.

The post Is Manta Network Worth the Hype in 2024? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am