๐ข๐ ๐ฐ๐ฟ๐ฎ๐๐ต ๐ต๐ฎ๐ ๐๐ต๐ฎ๐ธ๐ฒ๐ป ๐๐ต๐ฒ ๐ฒ๐ป๐๐ถ๐ฟ๐ฒ ๐ฐ๐ฟ๐๐ฝ๐๐ผ ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐จ๐จ
$๐ฑ ๐ฏ๐ถ๐น๐น๐ถ๐ผ๐ป in value has been evaporated as the token is down ๐๐% in just 24 hours.
But why did this happen?
Due to the excessive greed of the Mantra team.
Since Q4 2023, the $OM token pulled a ๐ฎ๐ฌ๐ฌ๐ move.
The reason behind this pump was not fundamentals but market manipulation ๐
โ Changed tokenomics
โ Controlled 90% of supply
โ Delayed community airdrop
โ OTC deals to prop-up prices
โ Tier-1 MMs to inflate price This did very well for 2 years until yesterday.
Initially, the dump was caused on OKX as someone sold 4 million tokens.
Due to low liquidity on weekends, prices dumped below $3, which pushed all OTC buyers into a loss.
And then the liquidation cascade happened.
From MMs to OTC buyers, everyone rushed to sell first, causing a 90% dump in a few hours.
During all this, the $OM second-biggest wallet was undelegating and sending OM to exchanges.
A perfectly planned dump to rug the community was executed.
This is why you should buy things based on fundamentals and not just pure hype.
