In a brutal turn, the Mantra (OM) plunged more than 90% in 24 hours, destroying $ 68 million in value.
The co -founder JP Mullin blamed “reckless” liquidations, denying any reprehensible act – but investors remain skeptical. With free fall and collision graphics, many call it a live carpet traction.
Whether it is to lose confidence or something worse, the collapse of the mantra is the last tale off in crypto.
OM is in a death spiral
Source: tradingView
The dramatic crash of the Mantra OM token – between $ 6.30 to as low as $ 0.50 – triggered chaos on the heavy cryptographic markets.
OM not only undergone the greatest price drop, but also led the liquidation thermal card. In just 12 hours, traders liquidated more than $ 68 million in long positions, including more than 10 transactions greater than $ 1 million.
Source: X
During the last hour only, $ 1.11 million in OM long positions were closed by force, even exceeding Bitcoin (BTC) and Ethereum (ETH) in liquidation volume.
Source: Coringlass
The rapid dive attracted traders over-deposed to devoid, triggering a chain reaction of margin calls as a preview of key support levels.
Other tokens like Solana (ground) and even the joke Fartcoin (Fartcoin) saw liquidations – but none approached the OM scale. It is a rare spectacle when BTC and ETH are relegated to support roles in the liquidation classification.
Chaos may have started with an OM deposit of 3.9 million of a possible team portfolio in OKX.
With almost 90% of the offer that would have been controlled by the team – and a history of market manipulation, delayed air terminals and over -the -counter offers – a sale of panic quickly intensified.
While on -the -counter buyers have become underwater, a wave of outings may have triggered cascade liquidations.
The mantra blames the CEX, but the market shouts the tank carpet
JP Mullin, co-founder of Mantra Chain, defended the project after a liquidation accident of $ 1.11 million in OM, accused of “reckless forced closures” by centralized exchanges during low liquidity hours. He insisted on the fact that the tokens remain locked in the acquisition hours and said that the team, the investors and the advisers did not sell.
But traders do not buy it.
On X, accusations of manipulation exploded. The market observer, Altcoingordon, compared collapse in previous disasters:
“The biggest carpet draws from Luna / FTX ??”
Another user called OM “one of the biggest scams I have ever seen in Crypto”, accusing the over -the -counter spill team and demanding that “the team belongs to the prison after that”.
The online screenshots said that 90% of OM’s offer had been dumped and Mantra deleted its telegram, feeding fears of the exit scam. An article went to the mark of the situation: “Welcome to Terra Luna V.2”. »»
The Miles Deutscher market commentator qualified the OM crash as a case as an inflated evaluation manual. He stressed that liquidity imported more than market capitalization.
“The graph did not seem normal for a while,” he noted, pointing to a wider question of diverging fundamentals. While OM confidence fades, he sees the potential to turn capital in Rwa protocols more credible.
Same script, different token
Since a catastrophic accident of $ 60 billion from Terra Luna in 2022 at the criminal fall of FTX, Crypto has faced many carpet prints.
Now, cOmbarisons to past events emerge while OM faces a liquidation of $ 1.1 million and allegations of initiates.
Whether it is a deliberate scam or a real dislocation of the market, one thing remains clear: the cryptography market is ruthless and rapid in its judgment.
