In April, I reported on the 90% collapse in the price of OM. The dramatic drop wiped out over $5.5 billion in market capitalization and triggered accusations of insider dumping. The MANTRA team responded with a plan to burn OM tokens to restore confidence.
However, the measure did not fully alleviate investors' skepticism, and the decline continued, bringing OM to lows not seen since early 2024.
However, recent developments suggest a possible turnaround. Data showed that OM has emerged from its 3-month decline. In the last day, the price of the altcoin increased by 46.27%, bringing it to a trading price of $0.34.
The increase was accompanied by unprecedented trading volume of $1.11 billion. This represented a 3,496% increase compared to the previous day.
The rally has positioned OM as the second biggest daily gainer on CoinGecko and one of the most popular tokens, signaling renewed investor confidence after a tumultuous period. Additionally, this is occurring amid a broader bull market, which has seen many altcoins reaching new highs.
