This day has finally come.
$OM has become $LUNA V2, wiping out 6B USD divided over 4 times in just 1 H1 candle.
What really happened.
-It all started from a wallet belonging to the @MANTRA_Chain team that withdrew 3.9M $OM to OKX -> triggering a wave of panic due to concerns about the team dumping.
-The reason is that the OM team controls about 90% of the total supply of the token; they are the ones who will decide the price path.
-Losing community trust prior led to panic when changes occurred. The Mantra team seems to have had this intention from before, betraying the community's trust through accusations of using a market maker team to maintain an artificial price, quietly changing the token's economics, and delaying the airdrop.
-OM sold OTC to major institutions at a -50% discount, and when the price dropped below this level, it triggered a wave of panic among OTC investors.
-Mantra deleted the Telegram channel, increasing the panic among hodlers.