Mantra (OM) Token Crashes Over 90%
Mantra (OM) Token Price Plunges Over 90%
The native cryptocurrency of the Mantra blockchain, the OM token, suffered a catastrophic price collapse, losing over 90% of its value within 24 hours. On April 13th, the token plummeted from approximately $6.3 to below $0.50, wiping out a significant portion of its $6 billion market capitalization.
Source: CoinGecko
Concerns of a Rug Pull
Many in the crypto community are speculating that this drastic price drop constitutes a rug pull, where developers abandon a project, leaving investors with worthless tokens. Market investor Gordon commented on the situation, expressing concern that the OM token might go to zero and questioning if it is the largest rug pull since LUNA/FTX.
While the exact cause of the collapse remains unclear at the time of writing, the situation underscores the inherent risks associated with investing in cryptocurrencies, especially those with less established track records. Due diligence and understanding of project fundamentals remain crucial before investing.
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This is a developing story and will be updated as more information becomes available.