In just one hour, Mantra’s $OM token plummeted from nearly $6 to under $0.40. The team claims it wasn’t a rug pull, but rather forced liquidations during a low-liquidity window on centralized exchanges.
Co-founder John Patrick Mullin said margin positions were closed without warning, and the team insists the tokens are locked and verifiable on-chain. Despite a slight rebound to around $0.70, $OM is still far off its February high of $9.
This sharp drop—despite major partnerships with Google Cloud and DAMAC—has raised serious concerns about market manipulation, exchange risk, and investor confidence.
And let’s be real: if a project with that kind of backing can be wrecked so easily by whales or sudden liquidation events, maybe meme coins—with their transparency and community-driven hype—are actually the more honest play in this space.
