Mantle was one of the hottest topics in the world of crypto in July 2023. The layer 2 scaling solution launched its mainnet and its MNT token and soon saw success, shooting up the price charts.
Serving as, depending on how one viewed things, either the successor or rebranding of BitDAO’s BIT token, Mantle has a ready-made user base and will be hoping to build on that.
But what is Mantle (MNT)? How does Mantle work? Let’s see what we can find out, and also take a look at some of the Mantle Price Predictions that were being made as of 25 July 2023.
Although Ethereum (ETH) is the largest blockchain when it comes to giving people somewhere to develop their decentralized applications (dApps), it is not without its problems. Historically speaking, Ethereum was a very slow system, which meant that transactions took longer to process and cost people more money.
Although Ethereum’s switch from a Proof-of-Work consensus mechanism to a proof-of-stake one helped the system somewhat, there was already a market for protocols that made the blockchain work quicker.
Layer 2 scaling solutions take transactions off blockchains, carry them out elsewhere, and put them back on the blockchain. Mantle , which was launched in 2023 by the BitDAO organisation, is a layer 2 scaling solution, based on Ethereum, and it is supported by the MNT token.
BitDAO’s previous crypto, BIT, was swapped for MNT on a 1:1 basis. This meant that BIT holders got the same amount of MNT in return for their old tokens.
Mantle uses optimistic roll-ups to process transactions. This means that the transactions are carried out away from the system and are assumed to be valid. However, people can still flag up what they consider to be fraudulent transactions.
This system, at least in theory, helps reduce slowness on the platform.
Mantle’s MNT cryptocurrency is used to pay for fees on the network. People can also stake it, or set it aside, if they want to operate one of the computers, or nodes, which help the system run. Holders can vote on changes to the platform, and it can also be bought, sold, and traded on exchanges.
Because Mantle is based on Ethereum, it is a token, not a coin. You might see references to such things as a Mantle coin price prediction, but these are wrong.
Let’s now take a look at the, admittedly short, Mantle price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting a Mantle price prediction.
When MNT first came onto the open market on 17 July 2023, it was worth $0.4812. It dropped to an all-time low of $0.4675 that day but recovered to close the day at $0.5095.
Just two days later, it reached an all-time high of $0.5899. Since then, it has dropped down and, on 25 July 2023, it was worth about $0.5465.
At that time, there were 3.27 billion MNT in circulation out of a total supply of just over 6.2 billion. This gave the token a market cap of $1.78 billion, making it the 206th largest crypto by that metric.
In its week or so on the open market, MNT has risen by 13.5%. That, however, does not tell the entire story. For instance, on its first day, it fell by nearly 3% before recovering by a little under 6%.
Not only that, but Mantle’s all-time high was more than 25% higher than its all-time low and up by 20% from its launch price.
Conversely, its current price is down 7% from its best ever price.
With that all out of the way, let’s take a look at some of the Mantle price predictions that were being made as of 25 July 2023. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong. Also, keep in mind that many longer-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice.
First, CoinCodex had a short-term Mantle price prediction that said the token would drop to $0.5347 by 30 July before recovering to $0.5588 by 24 August. The site’s technical analysis was highly bearish, with eight indicators sending negative signals and none making bullish ones.
In terms of other sites Mantle price predictions for 2023, DigitalCoinPrice said the token would get to $1.05, while PricePrediction.net had it trade at $0.68 by the end of the year. CoinArbitrageBot said it would reach $0.5532.
When it came to making a Mantle price prediction for 2025, CoinArbitrageBot said it would explode to $2.37, while DigitalCoinPrice had it worth $1.77 and PricePrediction thought it would stand at $1.38 by the end of the year.
Moving forward to a more long-term Mantle price prediction for 2030, PricePrediction was out in the lead, saying it would close the year at $9.54. DigitalCoinPrice said it would get to $5.66, while CoinCodex hedged its bets in its MNT price prediction, saying it would be worth somewhere between $1.04 and $1.32 at the start of the next decade.
It is hard to say, especially at this early stage. We are barely a week from MNT’s mainnet launch, so a lot can still happen to the token.
A lot will depend on how the market as a whole is able to perform in the coming weeks. Keep in mind that MNT will need to attract people who would not have bothered with BIT while keeping BitDAO investors on board.
As a layer 2 scaling solution, it is also dependent on Ethereum being slow. If Ethereum’s Proof-of-Stake consensus mechanism helps it speed up, then Mantle and its ilk will become effectively redundant.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in MNT.
No one can really tell right now. While the Mantle crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in Mantle, you will have to do your own research, not only on MNT, but on other, related, coins and tokens such as Arbitrum (ARB). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
On 25 July 2023, there were 3.27 billion MNT in circulation out of a total supply of just over 6.2 billion.
It might do, but not for a long time. PricePrediction.net thinks it can break $10 in 2031, while DigitalCoinPrice says it can get there in 2032.
Keep in mind that, in the week or so that MNT has been trading openly, the highest it has reached has been $0.5899, and the highest its predecessor, BIT, traded at was $3.64, which it hit in November 2021.
The MNT token is used to pay for transactions on the Mantle layer 2 scaling solution platform. It also gives holders the right to vote on changes to the network, and it can be bought, sold, and traded on exchanges.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.