Mantra Token (OM) has experienced a significant price increase of over 8% in the last 24 hours, reaching $0.7924. This surge comes amidst a general market downturn that saw Bitcoin plummet to $57,000.
$500 Million Real Estate Tokenization Partnership Drives OM's Growth
The main driver behind the recent surge in Mantra Token's price is the announcement of a partnership with MAG Group, a real estate developer based in Dubai.
According to a press release, Mantra Chain is set to tokenize $500 million worth of MAG Group's real estate assets.
Key Highlights of the Tokenization Agreement:
- The assets will be tokenized in multiple phases
- The initial phase includes the Keturah Reserve residential project in Meydan, Dubai
- A $75 million luxury mansion at 'The Ritz-Carlton Residences, Dubai, Creekside' project is part of the first tokenization phase
One of the notable aspects of this tokenization agreement is the proposed yield structure for investors:
- Anticipated 8% yields from stablecoins
- Investors will receive additional OM tokens
The specifics of the yield structure, such as the choice of stablecoin and the exact allocation of OM tokens, are still being negotiated.
Market Performance and Technical Analysis
The recent price movements of Mantra Token reflect the market's optimistic response to this development:
- Current Price: $0.7924
- 24-hour Low: $0.6891
- 24-hour High: $0.8962
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