ردهان
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The value of $OM dropped by 90% in one hour, and its value of 5.5 billion dollars evaporated.
Here’s how and why this could happen 🧵
It started yesterday when a wallet affiliated with $OM TEAM deposited 3.9 million OM tokens on the OKX platform.
It was known in the cryptocurrency world that the OM team owns nearly 90% of the total supply.
Last year, they used MM to inflate the price of their tokens.
Not only that, but they also changed their tokens and delayed the distribution process to the community.
After the deposit on OKX, the sell-offs began today.
But why this 90% drop?
The main reason was over-the-counter deals.
It was rumored that OM had made several over-the-counter deals at a discount of 50% or more.
Once the price dropped by 50%, all WHALES' holdings outside the exchange took losses.
This led to a crazy sell-off, as everyone was looking to exit first.
This resulted in a series of liquidations and massive sell-offs.
That’s why I always tell 'Dior' before investing.
$OM
Here’s how and why this could happen 🧵
It started yesterday when a wallet affiliated with $OM TEAM deposited 3.9 million OM tokens on the OKX platform.
It was known in the cryptocurrency world that the OM team owns nearly 90% of the total supply.
Last year, they used MM to inflate the price of their tokens.
Not only that, but they also changed their tokens and delayed the distribution process to the community.
After the deposit on OKX, the sell-offs began today.
But why this 90% drop?
The main reason was over-the-counter deals.
It was rumored that OM had made several over-the-counter deals at a discount of 50% or more.
Once the price dropped by 50%, all WHALES' holdings outside the exchange took losses.
This led to a crazy sell-off, as everyone was looking to exit first.
This resulted in a series of liquidations and massive sell-offs.
That’s why I always tell 'Dior' before investing.
$OM
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