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 crew 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 response to information tracked on Binance.
OM’s value crashed from above $6 to $0.37 on April 13, wiping out practically all of its features 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 rationale for the steep drop just isn’t but confirmed, hypothesis factors to the venture crew probably unloading their tokens.
Dustin McDaniel, MANTRA’s group lead, addressed on the venture’s Telegram channel that the core crew is conscious of the group’s issues and is engaged on a response. The venture’s Telegram group is at present 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 statement, the crew stated the sell-off was not triggered internally and pledged to share extra particulars quickly.
MANTRA is a key participant within the real-world asset (RWA) tokenization house. The venture has gained consideration by way of partnerships with Google Cloud and Dubai’s DAMAC Group.
This can be a creating story.
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