Key Takeaways
- The OM token from MANTRA crashed by 90% on Sunday.
- The crash allegedly wiped out over $10 billion in market capitalization, with claims that the team held 90% of supply.
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OM, the native token of the MANTRA ecosystem, nosedived as much as 90% in just four hours, erasing billions in its market value, according to data tracked on Binance.
OM’s price crashed from above $6 to $0.37 on April 13, wiping out nearly all of its gains since its meteoric rise from $0.0158 in January 2024. The token reached a peak at $9 earlier this year.
At the time of reporting, OM traded at above $0.6, down approximately 93% from its all-time high.
Although the reason for the steep drop is not yet confirmed, speculation points to the project team potentially unloading their tokens.
Dustin McDaniel, MANTRA’s community lead, addressed on the project’s Telegram channel that the core team is aware of the community’s concerns and is working on a response. The project’s Telegram group is currently closed to new members.
MANTRA has denied involvement in the OM token’s 90% crash, blaming “reckless liquidations” for the sudden drop. In an official statement, the team said the sell-off was not triggered internally and pledged to share more details soon.
MANTRA is a key player in the real-world asset (RWA) tokenization space. The project has gained attention through partnerships with Google Cloud and Dubai’s DAMAC Group.
This is a developing story.
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