๐งโโ๏ธ $OM : From Soaring Heights to Sudden Plunge โ What Happened? ๐
Just weeks ago, MANTRA ($OM) was riding high, touting major partnerships and a $1B deal to tokenize real estate in Dubai. The token even reached an all-time high of nearly $9 in February 2025. But on April 13, everything changed.โ
๐จ The Crash: Over 90% Drop in Hours
In a matter of hours, $OM plummeted from over $6 to below $0.50, wiping out billions in market cap. The sudden collapse sparked panic, with theories ranging from insider dumping to exchange manipulation. However, MANTRA's CEO, John Mullin, attributed the crash to "reckless liquidations" during a low-liquidity weekend, exacerbated by automated trading bots .โ
๐งฉ Unveiling Deeper Issues
Further investigations revealed that market makers may have exploited validation gaps to artificially inflate $OM's liquidity. By cycling tokens among controlled addresses and exchanges, they created the illusion of high trading volume, masking the token's actual fragility .โ
๐ The Aftermath and Recovery Efforts
In response to the crisis, MANTRA announced plans to buy back and burn a portion of OM tokens to reduce supply and stabilize the price. They also unveiled a $109 million ecosystem fund aimed at rebuilding trust and supporting the project's recovery .โ
As of now OM is trading around $0.60, showing signs of recovery but still far from its previous highs .โ
โ ๏ธ The Road Ahead
The om incident serves as a stark reminder of the crypto market's volatility and the importance of transparency. While MANTRA's recovery efforts are underway, investors remain cautious, watching closely to see if the project can regain its footing.โ
