MANTRA’s OM token crashes 90% in 24 hours amid allegations of team dumping

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Key Takeaways

The OM token from Mantra crashed by 90% on Sunday.
The crash allegedly wiped out over $10 billion in market capitalization, with claims that the team held 90% of supply.

The MANTRA ecosystem’s OM token nosedived by as much as 90% over a 24-hour period, slashing billions from its market capitalization, according to CoinGecko data.

MANTRA’s OM token crashes 90% in 24 hours amid allegations of team dumping

OM’s price crashed from $6.30 to $0.3 on April 13, wiping out nearly all of its gains since its rise from $0.0158 in January 2024. The token reached a peak of $9 earlier this year.

Although the reason for the steep drop is not yet confirmed, speculation points to the project team potentially unloading their tokens.

No official statement has been released from Mantra or its co-founder John Patrick Mullin addressing these allegations.

Mantra is a key player in the real-world asset (RWA) tokenization space. The project has gained attention through partnerships with Google Cloud and Dubai’s DAMAC Group.

This is a developing story.