Following a 90% drop in the past 24 hours, Mantra token’s price surged by approximately 200%, from $0.37 to $1.10. This surge came after the project team addressed rumors related to Ragpul’s scam. Despite losing over $5 billion in market value and liquidating about $75.88 million in future positions, the team assured the project’s continuity. Some users alleged that the team intentionally transferred Mantra tokens to exchanges, causing the price drop. Analyst Ed suggested that Mantra team used tokens as collateral for high-risk loans, leading to sudden changes in loan risk parameters, resulting in a sharp price decline. It’s worth noting that in October 2024, Mantra team increased the total supply of OM tokens from 888,888,888 to 1,777,777,777, aligning its economic model with an 8% annual inflation rate. Following this change, OKX updated its risk parameters and referred to this incident as a major disaster, promising to release reports on the fall. Although Mantra experienced a 200% surge from its lowest point, its structure closely resembles the classic ‘Ponzi scheme’ pattern, similar to Luna’s chart in 2022. Additionally, Mantra’s weekly Relative Strength Index (RSI) reached 33.31, indicating a downward trend weakness. Visit the real-time digital currencies price page to track token and cryptocurrency prices live.
