Mantra ($OM )Faces Fresh Rejection at $0.40 as Doubts Persist
Daily Gains Erased Amid Market Rally
Despite a broader crypto market rally, Mantra (OM) failed to sustain its momentum on May 9, slipping 2.09% to $0.3667. Earlier in the day, the token had touched $0.3923, teasing a potential breakout—but instead reversed sharply, erasing all intraday gains.
Now trading below its 10-day and 20-day simple moving averages ($0.4061 and $0.4666, respectively), Mantra remains under significant technical pressure. A reclaim of these levels could hint at recovery, but for now, both market sentiment and indicators suggest continued weakness.
Collapse Continues After April Crash
The token's struggles trace back to April 13, when OM lost 95% of its value in a dramatic collapse. Though the team initially cited exchange-related liquidity issues, blockchain investigators have challenged that narrative.
On-Chain Red Flags Raise Questions
Analysts flagged large transfers from Mantra-controlled wallets to exchanges, fueling suspicions of insider activity. Allegedly, the project team controls up to 90% of OM’s supply, a centralization level that many argue enabled artificial price inflation.
Community Demands Transparency
In response to public outcry, CEO John Mullin pledged to burn 150 million staked OM tokens, representing just under 10% of the current 1.66 billion circulating supply. While intended to restore confidence, the move has done little to silence critics demanding deeper accountability and transparency.
Uncertainty Prevails
With price levels slipping and trust deteriorating, Mantra’s recovery remains highly uncertain. Until credible answers emerge and control decentralizes, investor skepticism is likely to persist.
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