The post Mantra token price collapses by over 90% in 24 hours appeared on BitcoinEthereumNews.com.

Update (4.13.2025 22:02:20): This article has been updated to provide updates from the Mantra team The price of the Mantra (OM) token, the native cryptocurrency of the Mantra real-world tokenized asset blockchain, has collapsed by over 90% in the last 24 hours. On April 13, Mantra fell from a price of approximately $6.3 to below $0.50 and shed over 90% of its $6 billion market cap. Some traders characterized the token collapse as an apparent rug pull. Market investor Gordon wrote: “[The] team needs to address this or OM looks like it could head to zero, biggest rug pull since LUNA/FTX?” However, the exact reason for the collapse of the OM token’s price is not clear at the time of this writing. Cointelegraph reached out to the Mantra team for comment on the OM token collapse but did not receive an answer by the time of publication. The incident follows several high-profile token collapses and cybersecurity incidents, including the Libra memecoin implosion and the $1.4 billion Bybit hack, responsible for billions of dollars in investor losses during the first few months of 2025. Mantra token market cap and metrics. Source: CoinGecko Related: Mantra unveils $108M fund to back real-world asset tokenization, DeFi Mantra team and co-founder respond Mantra co-founder JP Mullin responded to the OM token collapse and said that the project’s Telegram group is still online. Mullin added that the Mantra team’s tokens are still in the team’s custody. “We are here and not going anywhere,” Mullin wrote in an X post, while providing a verification address for the Mantra team’s OM tokens. Source: Mantra The Mantra Team also claimed that the OM price implosion was “triggered by reckless liquidations” and not related to actions undertaken by the team. Mantra’s recent tokenization initiatives in the Middle East In January…

---

Filed under: News - @ April 14, 2025 2:16 am