On Sunday evening, OM from #MantraChain one of the largest projects in the tokenization of real assets (#RWA ) collapsed in value by more than 90% in just 2 hours—from 21:00 to 23:00 (MSK). Researchers from Kaiko noted that the crypto asset was recently valued at $5.9 billion and was among the top 20 by market capitalization.
OM suddenly lost almost all of its market value, falling below the $1 billion mark. The reasons for such a drop are not entirely clear. However, the crypto community suggests that it may have involved large over-the-counter sales by the team or market makers. This triggered a wave of sell-offs.
The project's team on social network X blamed the incident on 'reckless liquidations' and announced the start of an investigation. Despite stable liquidity $OM in 2025 (the average hourly depth of 1% was $2.3 million), the market could not withstand the pressure. At the moment, trading volumes surged to $290 million, which is more than 100 times the normal liquidity level.#OMNews
There was a particularly noticeable temporary activation on the OKX exchange. On the platform, from 20:00 to 22:00, the 1% liquidity volume decreased by 74% (to $473 thousand). Such a rapid outflow was a precursor to further collapse, depriving traders of the opportunity to exit their positions safely. At the same time, a spike in liquidations in futures was recorded: long positions worth $21 million were closed on OKX around 21:00, which only intensified the downward price movement.
Experts from Kaiko noted: funding rates also reacted to the crash. They sharply turned negative and remain below zero, signaling continued bearish sentiment among market participants. This is partly due to the fact that after such a shock, traders continue to take short positions, not expecting a quick recovery. Notably, such a severe crash occurred against the backdrop of a lack of official information from the project team. This triggered a new wave of criticism towards Mantra Chain.$TRB
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