🚨🚨 #MantraDAO 🚨 $OM 🚨🚨

🚨 NEW: Mantra’s OM token crashes by over 90% in just 24 hours! 😱

In a huge market shock, the price of OM, the native token of Mantra DAO, dropped from $6.30 to less than $0.50 in just one day. That’s a loss of over $5 billion in market cap. Here's what happened:

🔑 Key Takeaways:

The Crash: OM's price plummeted by 90% in a matter of hours — from $6.30 to a low of $0.37, though it’s recovering slightly now, sitting around $1.00.

What Caused It?: According to JP Mullin, co-founder of Mantra, this was due to “reckless liquidations” on centralized exchanges (CEXs) during periods of low liquidity, not any wrongdoing by the Mantra team.

Team's Stance: Mullin also reassured the community that Mantra's Telegram is still active, and no team-held OM tokens have been touched. The team is still committed to the project despite the setback.

Market Chaos: The crash led to over $50 million in liquidations in futures markets tied to OM. That's a huge shock to the market!

The Recovery: Despite the drop, OM has already bounced back by 200%, showing signs of potential recovery.

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Mantra’s team is planning to connect with the community soon on X (formerly Twitter) to address concerns and provide more updates.