The cryptocurrency market had a surreal moment as Mantle (MNT) had an explosion of almost 60 per cent in value, which increased the market cap high up to around 3.13 billion dollars. Meanwhile, Shiba Inu (SHIB) has experienced an unexplainable influx of whales and gigantic incineration of tokens that excited traders and made them careful at the same time.
Mantle’s Meteoric Rise
Mantle is an L2 in Ethereum, and the news on the anticipation of the launch of the UR App on 8th August 2022 stunned investors when Mantle rallied. The app is described to be a game-changer, incorporating Swiss banking infrastructure and integrating Mastercard with crypto self-custody.
The hype wasn’t just speculation. On the ecosystem of Mantle, the number of daily active addresses grew to over 137,000 within a few weeks, which marks a more than 1,600% increase. The trading volume soared in unison, and this verified that real-life adoption was taking place, not speculative pumps.
Fanning the flames, Mantle added more than 101,000 ETH (≈$392 million) to its coffers to the Strategic Ethereum Reserve. This action indicated a high degree of institutional trust, where Mantle obtained a dominant position to be one of the fastest-growing participants in the Layer-2 race.
Shiba Inu’s Whale Drama
Whereas Mantle sold newspapers with its rally, Shiba Inu (SHIB) was the scene of a drama by a whale. Hundreds of billions of tokens were held by whales within days, which drove the massive transactions by 600 per cent. At some point, over 4.6 trillion SHIB (= 64 million dollars) left the exchanges, which means that there could be some long-term holding capital.
Accompanied by the accumulation, there was a massively unprecedented dump rate in SHIB burns, with some accounts detailing burns increasing up to 48,000 per cent thereof within 24 hours, and over 158 million SHIB being burned within one week. Although this generated a corresponding price boost, the volatility reared its head once again, and shortly afterwards, SHIB lost more than 10%. This may be explained by the conflict between the bullish supply reduction action and bearish technicals.
Market Shockwaves
The combination of the explosive rally triggered by Mantle and the whale activity on Shiba Inu was a shock throughout the crypto space. Investors are now grappling with two key narratives:
The upsurge of Mantle symbolises institutionalisation and the impetus to real-world and bank-linked crypto solutions.
The ups and downs of the Shiba Inu emphasise the speculative nature of meme coins as Glory Dawn writes the price script, and whales and burns change it overnight.
At this point, Mantle is strongly bullish with fundamental support to drive its progress, whereas Shiba Inu is still a high-risk, high-reward gamble governed by the whales.
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