OM Token Crash Summary 💥💥💥

- What Happened: On April 13, 2025, MANTRA’s OM token plummeted ~90% in hours, dropping from ~$6.30 to as low as $0.37-$0.58, erasing $3.5-$10 billion in market cap (estimates vary). It later bounced slightly to ~$0.60-$1.00 but remains far below its peak.

- Reported Causes:

- Official Statement: MANTRA’s team, including co-founder JP Mullin, blamed “reckless liquidations” or a “massive forced liquidation” by a large investor on a centralized exchange (CEX), not team actions.

- Community Speculation: Posts on X and some reports allege the team dumped millions of tokens (e.g., 3.9M OM via OKX), controlling ~90% of the supply, sparking panic selling. Others point to shady OTC deals or supply inflation concerns raised pre-crash.

- Unconfirmed: No definitive proof confirms team dumping vs. external liquidations; both sides lack full transparency.

- Impact:

- Market cap fell from ~$6 billion to ~$485-$644 million, knocking OM from the top 20-30 cryptos to #100+.

- Trading volume spiked (e.g., $113M-$368M in 24h), signaling mass liquidations.

- Investors reported devastating losses, with some comparing it to Terra Luna’s 2022 collapse.

- Team Response:

- Community lead Dustin McDaniel and Mullin denied dumping allegations, saying they’re investigating.

- MANTRA’s Telegram reportedly closed to new users during the chaos, frustrating investors.

- An AMA session on X was announced for April 14, 2025, to address concerns.

- Current Status (as of April 14, 2025):

- Price: ~$0.52-$1.00 (volatile, down ~93% from its $9.11 ATH on Feb 23, 2025).

- Sentiment on X: Mixed—some call it a scam or “rug pull,” others see a buying opportunity if the team rebuilds trust.

- No clear resolution; the team’s AMA may shed light.

Risks:

- Prior red flags included community concerns over tokenomics (e.g., team supply control, delayed airdrops).

- Crypto markets are speculative; crashes like this highlight risks of centralized control and low liquidity.