⚠️ Massive Drop in OM Coin Price
Recently, the price of $OM (MANTRA) coin dropped by almost 90%, resulting in a market cap loss of around $5.4 billion. This crash began when Mantra DAO transferred approximately $227 million worth of OM tokens to various exchanges, triggering panic among investors.
⸻
🧩 Possible Reasons Behind the Crash
• Insider Selling Concerns: The transfer of $26.96 million worth of tokens to Binance sparked fears of insider selling.
• Massive Liquidations: Binance reported that the price crash was mainly due to automatic liquidations across exchanges.
• Changes in Tokenomics: An increase in $OM token supply and changes in token economics also negatively impacted the price.
⸻
🧑💼 Mantra Leadership’s Response
CEO John Mullin denied the insider selling allegations and stated that the price drop was caused by automated market liquidations. To regain investor trust, he announced a $109 million recovery fund and a buyback-and-burn plan for OM tokens.
⸻
📈 Current Market Status
As of now, the $OM is trading around $0.76, showing some recovery from the recent low. However, uncertainty in the market still remains.
If bulls hold strong above $0.79, the next key targets are:
$0.88
$0.95
$1.10
