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OM Price Crash Leads Analysts to Dip Deeper, a Long-Term Scam or Just a Few Bad Actors?
Altcoin OM price crash leads analysts to dig deeper.
Now dubbed as LUNA 2.0, the Mantra team is under fire.
Was this a long-term scam of just a few bad actors in play?
The new week began with a harsh wake up call for OM holders. For a project looking to deliver high possibilities for RWA projects, Mantra may have turned into a long-term scam looking to benefit only a few with the vision for the many. As OM price crash leads analysts to dip deeper, one analyst goes on to highlight the many red flags and goes on to share the lessons we must take in a constantly evolving crypto landscape.
OM Price Crash Leads Analysts to Dig Deeper
The crypto market has evolved to such a state that even trusted projects have begun to scam and disappoint its communities. Initially, it was easy to find scam projects and not fall into their fake promises. However, since the LUNA debacle and FTX the crypto community has seen that even the most trusted projects can be a huge let down and it seems that Mantra (OM) may be one such project.
Now dubbed the LUNA of the ongoing bull cycle, OM has a lot of questions to answer. In just an hour OM experienced a 90% price drop attributed to suspicious OM wallet transfers and a huge selloff which triggered a greater panic selling from private investors and holders. This led to LUNA closing its Telegram group where the last comment was one user calling OM ‘LUNA 2.0’. Several analysts have so far broken down the event which took place only in a matter of hours and saw $7 OM price drop to $0.5.
https://twitter.com/lookonchain/status/1911584133652074662
As we can see from the post above, the price of OM tumbled in rapid succession. Many analysts have found several wallets deposit millions worth of OM into exchanges. These wallets were connected either to the Mantra team or their strategic partners. Then commenced a major selloff which has left many retail investors and strong community leaders devastated with heavy price drops.
How One Analyst Escaped the OM Price Crash
https://twitter.com/milesdeutscher/status/1911651480995844278
Meanwhile, one reputed analyst Miles Deutscher shines a light on the scene. He says that the OM dump is one of the biggest single-day wipeouts in crypto history and highlights the key takeaways from the event. He says that market caps are an illusion and what is more important to watch is market liquidity.
He also marks how there is a big difference between fundamentals and price across the board in crypto and raises a bigger question, how many other projects could pull off the same moves in winning trust and forming strong partnerships only to disappoint and betray the community? Deutscher was one of the few who noticed the red flags and sold his OM holdings early and was able to escape the OM crash.
Now dubbed as LUNA 2.0, the Mantra team is under fire.
Was this a long-term scam of just a few bad actors in play?
The new week began with a harsh wake up call for OM holders. For a project looking to deliver high possibilities for RWA projects, Mantra may have turned into a long-term scam looking to benefit only a few with the vision for the many. As OM price crash leads analysts to dip deeper, one analyst goes on to highlight the many red flags and goes on to share the lessons we must take in a constantly evolving crypto landscape.
OM Price Crash Leads Analysts to Dig Deeper
The crypto market has evolved to such a state that even trusted projects have begun to scam and disappoint its communities. Initially, it was easy to find scam projects and not fall into their fake promises. However, since the LUNA debacle and FTX the crypto community has seen that even the most trusted projects can be a huge let down and it seems that Mantra (OM) may be one such project.
Now dubbed the LUNA of the ongoing bull cycle, OM has a lot of questions to answer. In just an hour OM experienced a 90% price drop attributed to suspicious OM wallet transfers and a huge selloff which triggered a greater panic selling from private investors and holders. This led to LUNA closing its Telegram group where the last comment was one user calling OM ‘LUNA 2.0’. Several analysts have so far broken down the event which took place only in a matter of hours and saw $7 OM price drop to $0.5.
https://twitter.com/lookonchain/status/1911584133652074662
As we can see from the post above, the price of OM tumbled in rapid succession. Many analysts have found several wallets deposit millions worth of OM into exchanges. These wallets were connected either to the Mantra team or their strategic partners. Then commenced a major selloff which has left many retail investors and strong community leaders devastated with heavy price drops.
How One Analyst Escaped the OM Price Crash
https://twitter.com/milesdeutscher/status/1911651480995844278
Meanwhile, one reputed analyst Miles Deutscher shines a light on the scene. He says that the OM dump is one of the biggest single-day wipeouts in crypto history and highlights the key takeaways from the event. He says that market caps are an illusion and what is more important to watch is market liquidity.
He also marks how there is a big difference between fundamentals and price across the board in crypto and raises a bigger question, how many other projects could pull off the same moves in winning trust and forming strong partnerships only to disappoint and betray the community? Deutscher was one of the few who noticed the red flags and sold his OM holdings early and was able to escape the OM crash.
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