Why These Altcoins Are Trending Today — January 23

Altcoins are showing diverse movements across different sectors, with OM, ANIME, and ELON each representing distinct market narratives.

While Real-World Asset player OM maintains steady growth with a $3.49 billion market cap and fresh institutional validation, newcomer ANIME faces early volatility despite backing from the Azuki team. Meanwhile, meme coin ELON capitalizes on political sentiment, doubling in value amid Trump-related speculation.

Mantra (OM)

OM is one of the most relevant altcoins in the Real-World Assets (RWA) space, with a market cap of $3.49 billion. Its price is up 3.5% in the last 24 hours. It recently welcomed Ledger as a validator, signaling institutional confidence in its ecosystem.

Technical analysis shows strong upside potential for OM, with key resistance levels at $3.68, $3.89, and $3.98. A break above $3.68 could trigger increased momentum toward these higher targets.

OM Price Analysis. Source: TradingView

On the other hand, support at $3.567 is fundamental for Mantra to maintain good momentum. If that support is lost, it could spark a downtrend, pushing the OM price down as the competition with other RWA altcoins intensifies.

Animecoin (ANIME)

ANIME is the native token of anime.xyz, a project backed by Azuki, one of the most successful NFT collections during the previous bull market. The platform aims to “revolutionize anime fandom by creating a decentralized creative network for its billion-strong global community“.

Despite significant initial interest, ANIME experienced substantial volatility in its early trading hours.

ANIME Price Chart. Source: Dexscreener.

The coin’s market capitalization stands at $350 million, though it has declined 40% from its launch price in just six hours. It currently has over 10,000 unique holders and roughly 13,000 transactions recorded.

Dogelon Mars (ELON)

Dogelon Mars (ELON), a meme coin referencing Elon Musk, is surging with Donald Trump now in office. Musk’s perceived support of Trump has drawn fresh attention to Musk-themed coins, driving interest.

ELON broke out of weeks of sideways trading on January 19, doubling in value within hours to hit its highest point since 2022.

ELON Price Analysis. Source: TradingView

A pullback could see ELON test support at $0.0000001735. However, continued momentum could push prices toward $0.00000047, with the potential to reach $0.00000050 if the uptrend holds.