The cryptocurrency market witnessed a dramatic event today as the $OM MANTRA token experienced a catastrophic crash, losing a staggering 98% of its value in less than an hour. The token's price plummeted from nearly $6 to $0.57, resulting in a massive wipeout of $6 billion from its market capitalization. The project's valuation dropped from $6.09 billion to $699 million, leaving investors stunned and concerned.
*Accusations of Market Manipulation*
The community quickly pointed fingers at the "Kabal team," accusing them of dumping a large chunk of the token supply all at once, leading to the rapid price drop. Some users speculated that the Kabal team might be linked to insiders within the MANTRA project, further fueling the controversy.
*Token Supply Inflation Concerns*
Prior to the crash, some community members had raised concerns about token supply inflation and a proposal voting system that allowed the team to control the outcome. These concerns were seemingly ignored, and the project's foundation collapsed under the weight of mistrust and speculation.
*Lack of Transparency and Communication*
During the chaos, the official MANTRA Telegram group closed its gates to new users, and moderators remained eerily silent. The project's CEO, John Patrick Mullin, failed to respond to the crisis, fueling further speculation and panic among investors.
*Token Burn and Smart Wallet Activity*
According to Arkham data, the Mantra DAO project team transferred and burned 21.229 million OM tokens (~$132 million) to a Dead Address on April 2nd, with a total burn value reaching $524 million. Some smart wallets reportedly dumped their holdings before the price collapse, raising questions about insider activity and potential market manipulation.
*Aftermath and Current Price*
The current price of MANTRA (OM) is reportedly $1.56, with a 75.2% increase in value, according to CoinGecko data. However, this data might not reflect the current market situation due to the rapidly changing nature of cryptocurrency markets. Investors and enthusiasts are advised to stay tuned for further updates and developments in this unfolding saga.
