Mantra Crashes 90% to Below $0.5
The price of Mantra’s native cryptocurrency, OM, plummeted by more than 90% within hours on April 13, falling from around $6.30 to below $0.50 and erasing over $5 billion in market capitalization.
The sudden collapse drew immediate comparisons to past industry disasters. "Biggest rug pull since LUNA/FTX?" one trader wrote on X. Others speculated the Mantra team may have used OM tokens as collateral and been liquidated in a sudden margin call.
Co-founder JP Mullin addressed the situation swiftly. In a series of posts, he dismissed theories of a rug pull or loan liquidation, stating that the Mantra team had no outstanding loans and that their token holdings remained locked under the published vesting schedule. Mullin attributed the crash to “reckless forced closures” initiated by centralized exchanges during low-liquidity hours.
Mantra’s Telegram group remains active, and the team has provided a verification address for their holdings. Despite the reassurance, investor skepticism remains high due to significant token movements to exchanges in the days prior to the crash. Blockchain analytics firm Spot On Chain noted that OM whales transferred over 14 million tokens to OKX just days before the plunge.
Mantra had recently expanded in the Middle East, securing a $1 billion tokenization deal with DAMAC and acquiring a VASP license from Dubai’s Virtual Assets Regulatory Authority. These developments had previously positioned the project as a rising force in real-world asset tokenization.
As of this writing, OM is trading near $0.72, staging a partial rebound from its post-crash low of $0.37.
Sources:
https://cointelegraph.com/news/mantra-price-collapses-by-over-90
https://cointelegraph.com/news/mantra-speculates-one-exchange-in-particular-caused-token-to-dump
https://x.com/AltcoinGordon/status/1911498665786585397
https://www.coingecko.com/en/coins/mantra
https://x.com/jp_mullin888/status/1911529914110758943
https://x.com/jp_mullin888/status/1911559071263822020
https://x.com/jp_mullin888/status/1911581099303768454
https://x.com/torvaman_/status/1911580113268810108
https://x.com/star_okx/status/1911645597423288569?s=46
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