Look how these clowns are deceiving you, especially those who trade futures 🤣 On March 21, a delisting from the exchange was announced, after which the coin gave a 1000% increase, and at the end of the pump, the exchange decided to list the coin back on April 16. So, just two weeks after the delisting, they decided to relist the coin after the pump 🤡🤡🤡
JUST IN: 🇺🇸 Federal Reserve Chair Jerome Powell thinks there will be loosening of bank rules on crypto and stablecoins as it is becoming more mainstream.
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...
BINANCE REPORTS PRICE CRASH DUE TO SALE OF ACT TOKENS BY 3 VIP USERS.
Binance has issued a statement addressing the recent sharp drop in the price of several meme coins, including ACT, which experienced substantial volatility on April 1. The exchange revealed that the price drop was caused by the actions of four users. Three VIP users sold ACT tokens worth 514,000 USDT on Binance’s spot market within a short timeframe, while one non-VIP user deposited a large amount of ACT into their account and sold approximately 540,000 USDT worth of the token.
The combined sell-off resulted in a significant decrease in $ACT price, leading to the liquidation of certain futures positions and affecting the value of other low-market-cap tokens. Binance clarified that it did not identify any single account that profited greatly from this incident. The platform noted that ACT tokens are entirely circulating in the secondary market, making it impossible to prevent sales. However, Binance assured users that it is actively investigating the situation and will provide updates as new information emerges. Binance also emphasized its regular adjustments to leverage levels based on market conditions, such as liquidity and trading volume. Following the incident, the exchange reduced leverage for the ACT USDT perpetual contract. Binance stated that no market anomalies were observed during this adjustment, and no positions were forcibly closed.
To enhance liquidity, Binance encourages market makers to participate by offering incentives. Additionally, the exchange reminded users to practice proper risk management when trading digital assets, as market conditions can change rapidly.