Mantra (OM) has seen a catastrophic drop, losing over 90% of its value in just 24 hours, plummeting from nearly $6 to around $0.58, wiping out approximately $6 billion in market cap. Several factors are contributing to this collapse:

Alleged Team Dump: There are widespread claims on platforms like X that the Mantra team, specifically a group referred to as the "Kabal team," dumped a massive portion of the token supply—potentially up to 90% of the circulating supply. This kind of sell-off can flood the market, driving prices down rapidly due to oversupply. Data from Arkham shows a Mantra DAO team address transferred and burned 21.229 million OM (worth about $132 million) to a dead address on April 2, which some interpret as suspicious activity, though burning tokens typically reduces supply.

Market Manipulation Allegations: Critics, including figures like TrimBot, have called the price movements "pure market manipulation," suggesting the team controlled the supply to inflate prices before offloading tokens over-the-counter (OTC). Such accusations erode investor trust, triggering panic selling.

Lack of Official Response: The Mantra team has not issued a clear statement addressing the crash or allegations, and attempts by outlets like Cointelegraph and crypto.news to contact them have been unsuccessful. Additionally, the official Mantra Telegram group reportedly blocked new users during the chaos, fueling speculation of a cover-up.

Market Sentiment and Panic: Posts on X reflect a mix of anger and despair, with some calling it one of the biggest crypto scams. This negative sentiment can create a feedback loop, where fear drives more selling, further depressing the price.

Recent Context: Just days ago, Mantra was celebrated for a 640% gain over 12 months, with a $6 billion market cap. Its focus on real-world asset (RWA) tokenization, a $1 billion deal with DAMAC Group, and a $108 million ecosystem fund (MEF) had fueled optimism. The sudden reversal suggests either internal mismanagement or external market dynamics (like coordinated dumps) caught investors off guard.

However, the exact cause remains unclear—no definitive evidence confirms the "Kabal team" exists or that the dump was intentional fraud versus a market correction or exploit. The crypto market is volatile, and RWA tokens like Mantra are particularly sensitive to trust and regulatory news. #WhaleMovements