Ah, MANTRA, the Real-world asset token (OM), has decided to take a nosedive of epic proportions, plummeting a staggering 95% in a matter of hours. Yes, you read that right! The price has plummeted from a lofty $6.17 to a mere $0.42, effectively erasing more than 6 billion in market cap. It’s as if someone hit the cosmic reset button on the universe, and many investors are now left clutching their life savings like a toddler with a broken toy. So, what’s next for the beleaguered Mantra (OM) holders? And what pearls of wisdom has the Mantra team decided to bestow upon their loyal subjects?
Investors Lost a Million In Mantra OM
Just three days before this financial fiasco, a gaggle of big OM holders decided to play a game of “let’s move 14 million OM tokens worth around $91 million to the OKX exchange.” Because, of course, what could possibly go wrong? This same group had previously splurged on more than 84 million OM tokens on Binance back in March, presumably while wearing blindfolds and spinning in circles.
Just within 3 days before the crash, this group of fresh $OM whales moved 14.27M $OM (~$91M) to #OKX at an average price of $6.375.
Back in late March, they had jointly scooped up 84.15M $OM from #Binance for ~$564.7M (avg. $6.711).
Now, after a brutal ~90% drop, their…
— Spot On Chain (@spotonchain) April 14, 2025
Meanwhile, after the crash, their holdings are now worth a paltry $62.2 million, which means they’ve collectively lost over $400 million. Ouch! But wait, there’s more! It wasn’t just one unfortunate soul who lost millions; other individual investors have also taken to the internet to share their tales of woe.
One particularly optimistic investor revealed they had invested $3.5 million in OM, which is now worth less than $200,000. Another trader lamented their loss of $800,000, feeling as though they had been “rugged” by the project. And here we thought “rugged” was just a term for a particularly rough camping trip!
How the Crash Happened?
In a twist worthy of a soap opera, Mantra co-founder JP Mullin has pointed the finger at centralized exchanges (CEXs) for forcefully selling a big holder’s tokens, which triggered a delightful panic selling spree. He assured everyone that the Mantra team had nothing to do with it and that their tokens are still locked up tighter than a drum, visible on-chain for all to see.
He suggested that the exchange might have sold the tokens during a time of low trading, which, as you can imagine, only made things worse. It’s like trying to sell ice to penguins during a snowstorm—just not a good idea!
Although he didn’t name the exchange, the founder of OKX responded with a promise of a report to clear things up. Because nothing says “trust me” like a report, right?
What’s Next For Mantra (OM) Holders?
The Mantra team has announced they will hold a community discussion on X to talk about the situation and answer questions. Because nothing calms the nerves like a good old-fashioned chat!
Until then, holders are advised to stay alert and avoid scam links or fake accounts pretending to be from Mantra. Remember, all official updates will come only from trusted sources. So, keep your eyes peeled and your wallets close!
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2025-04-14 12:52