💥 Mantra Token Price Drops 90%: A Collapse on the Level of LUNA?
In a shocking turn of events, the price of the Mantra token (OM) plummeted over 90% in the last 24 hours, causing panic in the market. On April 13, the token dropped from around $6.30 to below $0.50, wiping out over $6 billion in market capitalization.
⚡️ What happened?
Many traders are calling this a rug pull, making comparisons to the infamous LUNA collapse. Despite reaching out to the Mantra team, the exact cause of the price collapse is still unknown.
📉 Key points:
🟡 Drop of over 90% in 24 hours
🟡 $6 billion in market capitalization wiped out
🟡 Traders speculate about rug pull as the cause
🟡 No immediate comment from the Mantra team
🛑 Mantra's Response: Co-founder JP Mullin reassured the community, stating that the Mantra team and their tokens remain safe. The collapse was attributed to reckless liquidations, not actions by the team.
💥 Mantra's expansion in the UAE: Despite the current price collapse, Mantra has been advancing in the tokenization of assets. In January 2025, Mantra signed a $1 billion contract with DAMAC to tokenize real estate and other assets. The project also obtained a virtual asset service provider license from Dubai's VARA.#SECGuidance
#BTCRebound #SaylorBTCPurchase
