Mantle Hits 5-Month High — Here’s Why Investors Are Flocking to MNT

Mantle (MNT) has made a strong impression by reaching its highest level in five months. This surge came alongside an astonishing 450% increase in trading volume.

So, what has triggered this Layer 2 altcoin’s breakout in August? Below are several key drivers behind its recent price rally.

What’s Behind Mantle’s Explosive Comeback?

According to data from Artemis Analytics, the number of daily active addresses skyrocketed by 1,600% in just one month — jumping from 7,000 to 120,000.

This surge clearly shows that user participation on the Mantle network is returning. It reflects growing trust and increased usage from the community.

Daily active addresses on the Mantle Network. Source: Artemis

The data indicates that Mantle began gaining traction in mid-July and has maintained that momentum into August. Around that same time, Mantle officially joined the Strategic ETH Reserve (SΞR) by allocating 101,867 ETH — equivalent to $392 million — to its treasury.

With this ETH allocation, Mantle is now one of the largest ETH holders among Web3 entities, ranking 8th on the SΞR leaderboard. Meanwhile, the price of ETH has surged from $3,000 to $4,000 since mid-July. This strategic reserve has caused MNT to maintain a correlation with ETH, thus increasing the price.

“Whales are buying the dip on this beast for a reason. Mantle just joined the Strategic ETH Reserve (SΞR) — a quiet flex with massive implications,” Investor CyrilXBT explained.

Institutional Exposure Is Boosting Mantle’s Credibility

Another important element in this strategy is the mETH Protocol. It is a staking platform built on Mantle Network, designed to maximize ETH yields through staking and restaking mechanisms.

“Mantle holds one of the largest ETH-denominated treasuries on-chain: over $320 million across mETH, cmETH, and ETH,” mETH Protocol stated.

Some public firms, such as Republic Technologies, converted a significant portion of their accumulated ETH into mETH during Q2/2025. This move has helped Mantle Network boost its credibility among investors.

Additionally, the launch of UR has added more utility to MNT.

UR is a smart crypto application that combines traditional finance (TradFi) with decentralized finance (DeFi). Built on the Mantle Network, this platform aims to bring blockchain technology into mainstream banking services.

“MNT has started moving again. It’s gaining significant momentum and shows no signs of stopping. I believe the price increase is linked to their recently launched UR,” Trader Tardigrade said.

These developments show Mantle’s clear effort to open more doors for institutional capital inflow.

Top 10 MNT Wallets Hold Over 89% of Total Supply

BeInCrypto data shows MNT hit $0.88 — its highest level since March — with 24-hour trading volume exceeding $500 million, more than double the average volume from last month.

MNT price performance year-to-date. Source: BeInCrypto

However, data from CoinMarketCap reveals that the top 10 MNT wallets control over 89% of the total supply. Mantle’s treasury alone holds more than 49% of the supply. These tokens are used to fund development, staking, and strategic investments.

Although MNT has surged over 30% since early August, it still trades far below its all-time high of $1.50 from 2024.