Once a top-performing token, #mantra has plummeted over 90% in 24 hours, raising concerns of a potential rug pull and shaking investor confidence.
Mantra's Meteoric Rise Ends in Catastrophic 90% Price Crash
In a dramatic turn of events, Mantra (OM), a token once celebrated for its explosive growth, has suffered a staggering 90% price collapse within a single day. The token's value plunged from approximately $6.30 to below $0.50 on April 13, wiping out over $6 billion in market capitalization and leaving investors reeling.
The sudden downturn has sparked widespread speculation and concern within the crypto community. Some traders have likened the event to previous high-profile collapses, with one investor stating, "The team needs to address this or #om looks like it could head to zero, biggest rug pull since $LUNA/$FTX?"
Despite the turmoil, Mantra's co-founder, JP Mullin, has attempted to reassure stakeholders. In a recent statement, Mullin emphasized that the project's Telegram group remains active and that the team's tokens are still secured in their custody. He attributed the price implosion to "reckless liquidations" rather than any malfeasance by the team.
This crisis comes on the heels of significant developments for Mantra. Earlier this year, the project announced a $1 billion partnership with DAMAC Group to tokenize real-world assets, including real estate and data centers, on the Mantra blockchain. Additionally, Mantra secured a Virtual Asset Service Provider license from Dubai’s Virtual Assets Regulatory Authority (VARA), positioning itself as a key player in the Middle Eastern digital asset space.
The abrupt collapse of OM's price underscores the inherent volatility and risks associated with the cryptocurrency market. As investigations continue and the Mantra team works to stabilize the situation, investors are left grappling with uncertainty and the potential implications for the broader #crypto ecosystem.