Despite a bullish altcoin market, mantra (OM) crashed 90% in 7 days, from ~$6.41 to ~$0.69.
Speculation of stealth dumping or forced liquidations due to large pre-crash transfers to exchanges.
Analysts cite centralized exchange dominance, thin liquidity, and automated liquidations, not a rug pull.
Technical indicators remain bearish with OM below $0.70, low RSI (36.97), and weak volume. Resistance near $1.00–$1.20.
On-chain data shows steady TVL ($342.2M) and 50% of market cap staked, but $199M in open borrowing adds risk.
Short-term outlook is bearish unless Mantra DAO offers updates, burns tokens, and takes credible recovery actions.
In a stunning reversal, Mantra Coin (OM) has experienced an extraordinary crash of nearly 90% in price and market capitalization over the past week. Once trading at around $6.41 on April 10, 2025, OM has plummeted to approximately $0.69 by April 17, 2025, dragging its market cap from $6.17 billion to just under $688 million. The crypto community is now asking: Can Mantra recover from this steep downfall, or is this the beginning of a longer-term downtrend, or is this a rug pull similar to Hawk tuah?
Rumours or Reality? CEO Responds as Redenomination Fears Explode
The recent 90 %+ crash of Mantra (OM) triggered intense speculation, with many traders suspecting a token redenomination or smart contract migration as the cause. However, on April 15, 2025, CEO John Mullin dismissed these claims, denying any insider manipulation or rug pull. He explained the crash was due to a “technical domino effect”—as OM, used as loan collateral, began to drop in price, automated liquidations were triggered across exchanges, accelerating the sell-off.
To restore confidence, Mullin announced a buyback and burn plan to reduce supply and revealed a $109 million ecosystem fund dedicated to partnerships, tech development, and marketing. While the recovery roadmap is in place, the community remains cautious, waiting for clearer actions and transparency from the team.