MNT Token Supply Surge on Exchanges Signals Profit-Taking Activity

The token MNT, which fuels the Layer 2 stack Mantle for Ethereum, has seen an increase in supply on crypto exchanges recently. This rise comes as holders look to capitalize on the token's price surge. Currently trading at $0.89 with an 18% increase in the past week, MNT holders are distributing their tokens for profit, leading to a higher supply on exchanges. Data from Santiment shows that 321 million MNT tokens, valued at $286 million, are held on exchanges. The uptrend in supply suggests a bearish sentiment as holders prepare to sell. Profitable transactions have incentivized holders to sell, potentially causing a price drop to $0.80 or even $0.50 if selling continues. Conversely, increased accumulation could push MNT's price to $0.93. This analysis serves as information only, not financial advice.