Latest Cryptocurrencies News

Under-the-Radar Altcoin Explodes Over 45% in 24 Hours Amid Passing of Community Proposal To Upgrade Token

A little-known altcoin is surging over 45% during the last day as a new community proposal passes to upgrade the protocol’s token.

In a new video update, John Patrick Mullin, the chief executive of Mantra Chain (OM) says that the community recently voted on making OM the project’s sole token, causing OM to spike.

“We actually didn’t decide to do that, a community member issued a proposal on the DAO. Shout out to The King, one of our community members from a long time ago, an OG member, who effectively put forth the proposal on the Mantra DAO (decentralized autonomous organization) and asked for OM to become the main L1 token for Mantra Chain.

For those that are newer to the project, initially, there was going to be effectively two tokens, and we had reasons for doing this, but due to some changes and obviously due to what the community decided, they felt that it was a good idea to have OM be the preeminent and only token for the ecosystem.”

Mantra Chain is a Cosmos (ATOM)-based decentralized finance (DeFi) protocol.

According to Mullin, the community was unanimous in its decision to use OM.

The move caused OM to skyrocket as the digital asset went from a price of $0.15 on February 7th to a peak of $0.338 on February 9th, a 123% gain. The crypto asset has since retraced and is moving for $0.315 at time of writing, an over 40% gain during the last 24 hours.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Liu zishan/AlexRoz

The post Under-the-Radar Altcoin Explodes Over 45% in 24 Hours Amid Passing of Community Proposal To Upgrade Token appeared first on The Daily Hodl.

Comments are closed.

Comodo SSL