OM Token Crashes 90%

MANTRA's OM Token Suffers a Dramatic Price Drop

The OM token, native to the MANTRA ecosystem, plummeted by approximately 90% within four hours on April 13th, according to Binance data. This sharp decline erased billions from its market capitalization.

The price crashed from over $6 to $0.37, wiping out almost all gains since its January 2024 surge from $0.0158. OM had previously reached a peak of $9 earlier in the year.

At the time of writing, OM is trading slightly above $0.6, still representing a 93% decrease from its all-time high.

Speculation and Official Response

While the cause of the sudden drop remains unconfirmed, speculation centers on potential large-scale token sales by the project team. However, MANTRA has officially denied any involvement, attributing the crash to "reckless liquidations." In a statement on X, the team asserted the sell-off wasn't internally triggered and promised further details.

Dustin McDaniel, MANTRA's community lead, acknowledged community concerns on the project's Telegram channel and stated the team is preparing a more comprehensive response.

MANTRA, a significant player in real-world asset (RWA) tokenization, has attracted attention through its collaborations with Google Cloud and Dubai's DAMAC Group. This incident raises questions about the stability and risk factors within the RWA tokenization sector.

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This is a developing story.