Silentrocket
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$OM Token Crash – MANTRA Finally Speaks Up! 📣🥴
Hey frens, the #MANTRA team just dropped an official statement addressing the crazy OM price crash that happened on April 13 — yeah, the one where OM nosedived by 92% in just one hour. 😵💫
So here’s the TL;DR of what they said (grab a coffee ☕):
1️⃣No, the MANTRA team didn’t dump tokens – They swear none of the team’s or advisors' OM was sold during the crash. All of that is still locked, they claim.
2️⃣The dump came from the ERC-20 #OM crowd – That’s the old OM token on Ethereum, which has been fully in public hands since 2020. Over 123K wallets hold it, and it’s basically fair game for anyone to trade.
3️⃣What triggered it? – According to them, a bunch of OM tokens were being used as collateral on exchanges. When prices started to dip (during a super low-liquidity time, like 2am HKT), some positions got force liquidated.
That started a chain reaction:
🔴 Liquidations caused the price to drop
🔴 That drop triggered even more liquidations
🔴 That spiraled into a brutal feedback loop
🔴 Boom – we hit rock bottom
4️⃣ Only a small portion of the newer MANTRA Chain OM was involved – That stuff is still mostly locked up too. Right now, about 53% of the total 1.81B OM supply is circulating, and 92% of that is from ERC-20. So yeah, the crash mostly came from the legacy token side. 🥴
MANTRA says they're still investigating and will keep sharing updates as they confirm more. They’re also promising more transparency going forward (let’s hope so, right?).
👉 So, did this answer all our questions? Not really.
👉 But is it something? Yeah, at least now we know what they think happened.
Let’s keep watching closely. Whether OM can recover or not — that’s the million-dollar question. 💸 Stay sharp out there and as always... DYOR. #CryptoCrash #OnChainDrama #StayInformed
Hey frens, the #MANTRA team just dropped an official statement addressing the crazy OM price crash that happened on April 13 — yeah, the one where OM nosedived by 92% in just one hour. 😵💫
So here’s the TL;DR of what they said (grab a coffee ☕):
1️⃣No, the MANTRA team didn’t dump tokens – They swear none of the team’s or advisors' OM was sold during the crash. All of that is still locked, they claim.
2️⃣The dump came from the ERC-20 #OM crowd – That’s the old OM token on Ethereum, which has been fully in public hands since 2020. Over 123K wallets hold it, and it’s basically fair game for anyone to trade.
3️⃣What triggered it? – According to them, a bunch of OM tokens were being used as collateral on exchanges. When prices started to dip (during a super low-liquidity time, like 2am HKT), some positions got force liquidated.
That started a chain reaction:
🔴 Liquidations caused the price to drop
🔴 That drop triggered even more liquidations
🔴 That spiraled into a brutal feedback loop
🔴 Boom – we hit rock bottom
4️⃣ Only a small portion of the newer MANTRA Chain OM was involved – That stuff is still mostly locked up too. Right now, about 53% of the total 1.81B OM supply is circulating, and 92% of that is from ERC-20. So yeah, the crash mostly came from the legacy token side. 🥴
MANTRA says they're still investigating and will keep sharing updates as they confirm more. They’re also promising more transparency going forward (let’s hope so, right?).
👉 So, did this answer all our questions? Not really.
👉 But is it something? Yeah, at least now we know what they think happened.
Let’s keep watching closely. Whether OM can recover or not — that’s the million-dollar question. 💸 Stay sharp out there and as always... DYOR. #CryptoCrash #OnChainDrama #StayInformed
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