Even strong coins can't hold up, OM reappears as a bizarre phenomenon in the coin circle
Projects such as OM and DEXE, once known as "strong coins", have successively lost ground in the continuously declining market. OM plummeted 90% in the early morning, crashing from $6 to $0.5, with its market value evaporating by over $5.5 billion in an instant. Although the team responded that the drop was caused by irrational liquidations and denied manipulation, OM briefly rebounded to $1.2, with contract liquidations reaching $58 million.
Although these types of coins have retraced over 90% from their highs, the decline is no different from WLD, BETA, TRUMP, WIF, etc., but the timing of the crash is different. In the current sluggish market, with limited funds, the main players are more inclined to "earn and run", while retail investors are truly under pressure, often facing losses of over 70%.
In this environment, spot trading requires more caution, and buying altcoins must set a stop-loss. Recently, SOL has been stronger compared to ETH, the Solana ecosystem's ORCA and LAYER are performing reasonably well, and the new coin PROMPT from Europe has also garnered attention. On one hand, good projects are becoming increasingly scarce; on the other hand, funds tend to follow the heat, but generally do not hold overnight. At this stage, holding on is more important than chasing highs
