#SecureYourAssets

MANTRA team co-founder JP Mullin finally responded through his post on X earlier today. He clarified that their Telegram account was not deleted. Busting all the myths regarding team sell-off, he posted the team’s wallet address for the crypto community to verify their MANTRA token holdings.

Mullin ensured the team is actively searching for the reason behind this price crash and why massive liquidations took place. Even the official X account of the MANTRA said the token is fundamentally strong. It said that the price drop is triggered by reckless liquidations.

The co-founder and the team responded to the situation promptly, but the incident caused fear among MANTRA token holders. This might lead to further token sell-offs, which could lead to a further price drop.

MANTRA has a TVL of only $3.28 million. But, its fully diluted value (FDV) is $1.59 billion, as per DefiLlama. This is a serious concern for a layer 1 blockchain such as MantraChain. On the other hand, one X user named Insomniac identified some wallet addresses that recently made large transactions of OM tokens. These transactions might be token sales and possibly contribute to the present price crash.

The MANTRA token crash is a huge downfall after some of the recent controversies, such as Libra memecoin and the Bybit hack. We might have to wait to know what triggered the crash and what action the team takes to mitigate repercussions.