🚨 Mantra (OM) Token Plummets Over 90% in 24 Hours
The Mantra (OM) token experienced a dramatic collapse, dropping from approximately $6.3 to below $0.50 within a single day, erasing over $6 billion in market capitalization.This sharp decline has led some traders to liken the event to previous significant market downturns. While the exact cause remains unclear, the Mantra team has attributed the crash to "reckless liquidations" rather than internal actions.
Co-founder JP Mullin assured the community that the team remains active and that their tokens are still in custody. This incident follows Mantra's recent initiatives in the Middle East, including a $1 billion deal to tokenize assets with investment conglomerate DAMAC and obtaining a virtual asset service provider license from Dubai’s Virtual Assets Regulatory Authority (VARA).