The post Mantra crashes 90% in 24 hours – Here’s what happened to OM appeared on BitcoinEthereumNews.com.

In a brutal turn, Mantra [OM] plunged over 90% in 24 hours, wiping out $68M in value. Co-founder JP Mullin blamed “reckless” liquidations, denying any wrongdoing – but investors remain skeptical. With charts in free fall and sentiment crashing, many are calling it a live rug pull. Whether it’s lost confidence or something worse, the Mantra collapse is the latest cautionary tale in crypto. OM is in a death spiral Source: TradingView The dramatic crash of Mantra’s OM token — from around $6.30 to as low as $0.50 — has triggered chaos across leverage-heavy crypto markets. OM not only suffered the largest price drop but also led the liquidation heatmap. Within just 12 hours, traders liquidated over $68 million in long positions, including more than 10 trades exceeding $1 million. Source: X In the past hour alone, $1.11 million worth of OM long positions were forcibly closed, surpassing even Bitcoin [BTC] and Ethereum [ETH] in liquidation volume. Source: Coinglass The rapid plunge caught over-leveraged traders off guard, triggering a chain reaction of margin calls as OM nosedived through key support levels. Other tokens like Solana [SOL] and even the joke coin Fartcoin [FARTCOIN] saw liquidations – but none came close to OM’s scale. It’s a rare sight when BTC and ETH are relegated to supporting roles in the liquidation leaderboard. The chaos may have started with a 3.9 million OM deposit from a possible team wallet to OKX. With nearly 90% of the supply allegedly controlled by the team – and a history of market manipulation, delayed airdrops, and discounted OTC deals – panic selling quickly escalated. As OTC buyers went underwater, a wave of exits may have triggered cascading liquidations. Mantra blames CEXs, but the market cries rug pull JP Mullin, co-founder of Mantra Chain, defended the project after…

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Filed under: News - @ April 14, 2025 9:22 am