Mantra (OM) spikes 40% to hit new ATH: Why is this token up?

Mantra price rose to a new all-time high of $5.87 on Jan. 30.
The gains saw Mantra rank as one of the best performers on the day, with open interest spiking 37%.
OM has surged since MANTRA inked a $1 billion tokenization deal with the Dubai-based DAMAC Group.

Mantra (OM) rose sharply on Thursday to emerge as the biggest gainer among the 100 largest cryptocurrencies by market cap. With an intraday surge of over 40% at one time, the digital asset defied the slow market to hit a new all-time high of $5.87.

While the OM price has slightly retreated to $5.59 at the time of writing, Mantra remains one of the best performers in crypto today with +23% in the past 24 hours.

Only JasmyCoin, which is up more than 25% in the past 24 hours, is outpacing OM among the top 100 coins. Mantra ranks 28th while JASMY is 69th at the moment with a market cap of $1.57 billion.

Why is the Mantra price up today?

According to data from CoinMarketCap, MANTRA has recorded a 214% spike in daily volume – which was at $497 million at the time of writing. Mantra’s market cap stood at $5.35 billion.

Meanwhile, open interest has jumped 37% to over $428 million. This comes as more than $1.83 million was liquidated in 24 hours, the majority of it at $1.8 million being shorts.

While Mantra rose alongside other altcoins amid Bitcoin’s surge to $106,000 on Thursday, the likely catalyst for the increased momentum for OM appears to be the recent partnership DAMAC Group.

At the center of this collaboration is the tokenization of real-world assets. In particular, it’s about real estate and DAMAC’s traction in Dubai makes for tantalizing adoption prospects.

With up to $1 billion in real-world assets under DAMAC set to be tokenized on MANTRA, its never been so bullish for OM. The whole of the asset tokenization space is also abuzz, with other RWA tokens also up.

RWA market cap is up 11% to over $40 billion, with Ondo Finance, XDC Network and Quant among top gainers.