Key Takeaways
The OM token from MANTRA crashed by 90% on Sunday.
The crash allegedly worn out over $10 billion in market capitalization, with claims that the group held 90% of provide.
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OM, the native token of the MANTRA ecosystem, nosedived as a lot as 90% in simply 4 hours, erasing billions in its market worth, in keeping with information tracked on Binance.
OM’s value crashed from above $6 to $0.37 on April 13, wiping out almost all of its positive factors since its meteoric rise from $0.0158 in January 2024. The token reached a peak at $9 earlier this yr.
On the time of reporting, OM traded at above $0.6, down roughly 93% from its all-time excessive.
Though the explanation for the steep drop just isn’t but confirmed, hypothesis factors to the mission group probably unloading their tokens.
MANTRA denies involvement, pointing to large compelled liquidation
Dustin McDaniel, MANTRA’s group lead, addressed on the mission’s Telegram channel that the core group is conscious of the group’s issues and is engaged on a response. The mission’s Telegram group is at the moment closed to new members.
MANTRA has denied involvement within the OM token’s 90% crash, blaming “reckless liquidations” for the sudden drop. In an official assertion, the group stated the sell-off was not triggered internally and pledged to share extra particulars quickly.
In a dwell X Area after OM’s collapse, MANTRA co-founder John Mullin known as the state of affairs “unprecedented,” citing large compelled liquidation on an undisclosed change.
“I actually awoke about half-hour in the past into this,” Mullin stated. “It’s truthfully unprecedented and we’re nonetheless determining precisely what’s occurring, however I can inform you, we’re nonetheless right here and we’re gonna type it out.”
“From my understanding, it looks as if there was an enormous drive liquidation on an change over the weekend,” Mullin stated through the Area. “I received’t title the change but, as a result of we’re beginning to get precisely why they did what they did.”
He defined that the change “took over a bunch of various positions and utterly simply closed them out,” although the explanations behind that transfer are nonetheless underneath investigation.
MANTRA is a key participant within the real-world asset (RWA) tokenization house. The mission has gained consideration by way of partnerships with Google Cloud and Dubai’s DAMAC Group.
It is a growing story.
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