YEREVAN (CoinChapter.com) – MANTA coin price jumped 26% and peaked at a new all-time high of $3.3 on Jan 25, before correcting down to $3.13 hours later. Is the Manta liquid staking behind the jump and what can investors expect from the price action in the coming session? Let’s jump in.
Manta Coin – New Record Ahead?
Parallel to the price increase, Manta’s trading volumes jumped over 100% in the previous 24 hours. While trading volumes alone don’t say anything about the BUY and SELL ratio per se, backed by the rising price they indicate bullish interest towards the altcoin.
Additionally, as CoinChapter reported in the previous Manta review, according to the DeFi tracking platform DeFiLlama, Manta’s total value peaked at $440 million on Jan 23. Despite correcting to $429 million on Jan 25, the network flipped major players in the DeFi game, such as Cardano, Aptos, Sui, and Thorchain.
The charts also hinted at a bullish continuation, as the MANTA coin price broke above a resistance line also mentioned in the previous review. A slight correction to the current value followed, but if the bulls keep the demand high, another leg up is likely.
Meanwhile, the possible reason behind the new Manta coin record price is noteworthy.
Manta Liquid Stakin Pushed the Price?
According to the latest announcement, Bitfrost, a liquid staking protocol built on Polkadot, added Manta liquid staking to its services.
Did you know? Liquid staking in cryptocurrency is a process where you can stake your crypto assets to participate in network operations and earn rewards. But unlike traditional staking, you receive a liquid token in return. This liquid token represents your staked assets and can be used or traded while you’re still earning staking rewards. Essentially, it provides the flexibility to use your staked assets in other DeFi activities without losing the ability to earn rewards from staking.
The platform also posted a step-by-step tutorial on how to stake Manta on Bitfrost and noted that Manta Pacific will play an important role in the process.
In the coming weeks, vMANTA will be added to the list of supported assets and deployed on Moonbeam Network, allowing users to cross-chain to Manta Pacific.
read the tweet.
