$OM
$OM is the $LUNA of this cycle. 🚨 ‼️ 🩸 🩸
$6B+ wiped out within 30 minutes.
But why did it happen?
THE $OM CRASH DECODED👇
It all started when a wallet believed to be connected to the @MANTRA team, suddenly deposited 3.9 million OM tokens on the exchange OKX.
This got a lot of attention. And here’s why...
The OM team reportedly controls about 90% of the token's total supply.
That means just a few people have most of the power over the token’s price. That’s already a big red flag.
Over the past year, there were already trust issues in the community.
Some of the concerns included:
The team was allegedly using market makers to keep the price up artificially
They quietly changed the token’s economics
And they kept delaying a promised community airdrop
People were already on edge.
So when that large token deposit hit OKX, people started to worry that a big sell-off was coming.
And they were right.
Selling pressure began shortly after.
But the situation got a lot worse because of something else: OTC (over-the-counter) deals.
There were rumors that OM had made private deals with investors, offering tokens at huge discounts — some at 50% off or even more.
So when the price dropped by 50%, all those OTC buyers were suddenly at a loss.
And panic kicked in.
Everyone wanted to exit before the price fell further.
This led to a chain reaction:
More people sold
Stop-losses were triggered
Leverage positions started getting liquidated
The market basically collapsed
All of this happened within one hour. And the price dropped 90%.
This wasn’t just a price dip.
It was a full-on meltdown.
Over $5.5 billion in value vanished in no time.
A lot of people got burned — including those who had no idea what was going on behind the scenes.
9/ So what’s the takeaway?
Be careful with tokens where:
A small group holds most of the supply
The team isn't transparent
Promises keep getting delayed
Always take the time to do your research before putting your money into anything.
It might save you from situations like this.
