As reported in previous cryptocurrency news, the Mantra token (OM) has experienced a drastic plunge, with its price dropping from $6.30 to less than $0.50, losing over 90% of its $6 billion market value. The Mantra team attributes this steep fall to forced closure of trading positions by some centralized exchanges without prior notice. Meanwhile, project co-founder John Mullin emphasizes that the targeted exchange was not Binance, and investigations are ongoing. Notably, suspicious activities were recorded in the network days before the plunge. According to Spot On Chain platform, whales transferred around 14.27 million Mantra tokens to OKEx exchange three days before the price drop. These whales had bought approximately 84.15 million tokens worth $564.7 million in March. Now, they only hold 69.08 million tokens valued at $62.2 million, resulting in an estimated loss of over $406.3 million. Some analysts believe these whales may have played a role in Mantra’s price drop. On the other hand, Lookonchain platform data shows that since April 7th, at least 17 wallets collectively transferred 43.6 million Mantra tokens (about 4.5% of the circulating supply) to exchanges, potentially fueling massive sell-offs. While some users have raised concerns about rug pulls or team borrowing, Mullin refutes these rumors, stating that the team has not taken any loans and the tokens remain locked according to the schedule. However, some critics claim that by holding a high percentage of the supply (up to 90%), the Mantra team has essentially restricted circulating supply, artificially inflating the price. According to this theory, the team manipulated the market by selling over-the-counter (OTC) and transferring tokens to market makers at peak prices. Currently, the Mantra token is trading around $0.72 with an 88.47% decrease in the past 24 hours. You can track the live prices of all tokens and cryptocurrencies on the momentary price page.
