Mantra (OM) Price Loses 90% as Ondo Steals Spotlight
The post Mantra (OM) Price Loses 90% as Ondo Steals Spotlight appeared on BitcoinEthereumNews.com.
Key Notes Mantra (OM) has crashed a massive 90% in the past day, dropping to a low of $0.42. Meanwhile, competitor Ondo (ONDO) has shot up almost 30% in the past week. Mantra CEO claims that the price crash had nothing to do with the development team. The crypto market was shaken over the weekend as Mantra’s OM token OM $0.68 24h volatility: 89.2% Market cap: $655.31 M Vol. 24h: $2.10 B , once a poster child for real-world asset (RWA) tokenization, suffered a catastrophic collapse, plunging over 90% within 24 hours. From a lofty valuation above $6, OM is now trading at under $0.80, with its market cap shrinking from $6 billion to just $748 million, CoinMarketCap data shows. The Catalyst Behind OM’s Crash The trading volume of OM surged over 3,000%, with over $50 million in long positions liquidated, as the token crashed from around $6.3 to $0.42 during early trading hours on April 14. According to data analytics platform Lookonchain, 17 wallets deposited over 43.6 million OM tokens (valued at $227 million at the time) onto centralized exchanges between April 7 and the crash, representing 4.5% of the circulating supply. Who dropped the price of $OM? Before the $OM crash(since Apr 7), at least 17 wallets deposited 43.6M $OM($227M at the time) into exchanges, 4.5% of the circulating supply. According to Arkham’s tag, 2 of these addresses are linked to Laser Digital. Laser Digital is a strategic… pic.twitter.com/zB8yAPRPSO — Lookonchain (@lookonchain) April 14, 2025 Two of the wallets are allegedly linked to Laser Digital, a strategic investor in Mantra. These large token deposits and subsequent dump-like behavior have led many to suspect a coordinated sell-off or worse — a rug pull. Popular market commentator Gordon described the event as “the biggest rug pull since LUNA/FTX” and expressed…
Filed under: News - @ April 14, 2025 9:29 am