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In 15 minutes, $5.5 billion evaporated; why did the 'meme coin' OM suddenly plummet?
In the early hours, the RWA project MANTRA (OM) dropped 90% in a short time, plummeting from $6 to $0.5, with a market value evaporating over $5.5 billion.
Three hours later, the MANTRA team issued a statement claiming that the recent drop was caused by irrational liquidations and was unrelated to the project itself, stating that it was not the team's doing.
Subsequently, OM rose from around $0.5 to $1.2, briefly experiencing a major sell-off. According to Coinglass data, in just four hours, the liquidation volume of OM contracts reached $58 million.
Before this crash, OM had already gone through multiple violent inflation stages since last November and was referred to by the community as a 'strongly controlled meme coin'.
Three hours later, the MANTRA team issued a statement claiming that the recent drop was caused by irrational liquidations and was unrelated to the project itself, stating that it was not the team's doing.
Subsequently, OM rose from around $0.5 to $1.2, briefly experiencing a major sell-off. According to Coinglass data, in just four hours, the liquidation volume of OM contracts reached $58 million.
Before this crash, OM had already gone through multiple violent inflation stages since last November and was referred to by the community as a 'strongly controlled meme coin'.
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