Main to remember
- The Mantra OM token crashed 90% on Sunday.
- The crash would have destroyed more than $ 10 billion in market capitalization, with allegations that the team held 90% of the offer.
Share this article
OM, the native token of the Mantra ecosystem, has deposited up to 90% in just four hours, eraser billions of its market value, according to data followed on Binance.
OM’s price crashed from more than $ 6 to $ 0.37 on April 13, destroying almost all of its earnings since the dazzling increase of $ 0.0158 in January 2024. The token reached a peak at $ 9 earlier this year.
At the time of the report, OM exchanged more than $ 0.6, down approximately 93% compared to its top of all time.
Although the reason for the steep decline is not yet confirmed, speculation indicates that the project team potentially unloads its tokens.
The mantra denies its participation, pointing to a massive forced liquidation
Dustin McDaniel, head of the Mantra community, addressed on the telegram channel of the project that the main team is aware of the concerns of the community and works on an answer. The Project Telegram group is currently closed to new members.
Mantra denied the involvement of the 90% accident of the OM token, blaming the “reckless liquidations” for the sudden drop. In an official statement, the team said that the sale had not been triggered internally and is committed to sharing more details soon.
During a session of spaces X after the collapse of OM, the co-founder of Mantra, John Mullin, qualified the situation as “unprecedented”, citing a massive forced liquidation on an unharmed exchange.
“I literally woke up about 30 minutes ago in this area,” said Mullin. “It’s honestly unprecedented and we always determine exactly what’s going on, but I can tell you, we are still there and we will settle.”
“According to my understanding, it seems that there was a liquidation of massive force on an exchange this weekend,” said Mullin. “I will not yet name the exchange, because we are starting to understand exactly why they did what they did.”
He explained that the exchange “took control of a lot of different positions and completely closed them”, although the reasons behind this move are still inquiry.
Mantra is a key player in the real token of the world (RWA). The project drew attention thanks to partnerships with Google Cloud and the Damac group in Dubai.
It is a story in development.
Share this article
