Before April’s sharp 90% plunge, savvy whales #whales were already making big moves on \$OM. In February alone, they snapped up 15.6 million tokens (around \$93 million), propelling the price to \$6—a huge 70% spike in just over two weeks. Then, in early March, another 20 million tokens were scooped up (worth \$143M), this time largely from Binance wallets. Interestingly, the price dipped 8% after that buy, breaking below a rising wedge—an early sign of potential sell-offs.
Then came April’s meltdown: \$OM nosedived from \$6 to just \$0.64.
But instead of running, large holders saw opportunity. On-chain data shows whales resumed accumulation during the crash and have continued buying into May. Recent whale alerts show renewed interest at \$0.41–\$0.42, though with smaller volumes and lower confidence scores—indicating a more cautious approach this time.
So what’s fueling the conviction?
Mantra is carving out a niche in the real-world asset (RWA) space. With a Dubai VASP license, a \$1B partnership with DAMAC, and growing backing from Middle Eastern capital, the fundamentals are stacking up. Add to that a low token concentration (just 0.13%) which reduces manipulation risk, and you’ve got a narrative that could attract serious long-term capital—especially as the RWA sector eyes a \$16 trillion market cap.
Still, April’s crash is a warning: centralized exchange liquidations and sudden whale exits can wreck momentum fast.
📊 Where Next for \$OM?
If whale #whales accumulation holds steady, a rebound past \$1 could be the first stop. Regaining the \$6.47 level would signal a full recovery and bring the old \$7.50 target back into play. But if buying slows or sentiment weakens, the token could slip back to \$0.30 or lower.
Whales #whales are clearly circling—but will they stay committed or cash out again? Time will tell. 👀
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