MANTRA Ecosystem Token OM Plummets 90% Within Four Hours, Resulting in a Loss of Billions of Dollars in Market Capitalization

According to Binance trading data, the native token OM of the Real World Asset (RWA) project MANTRA ecosystem experienced a crash on April 13, plummeting from over $6 to $0.37 in just four hours, a decline of up to 90%, nearly erasing all gains made since 2024. The token was priced at only $0.0158 in January 2024 and surged to a year-high of $9 in a short period, but has since dropped over 90% from its peak. As of the time of writing, the OM price has slightly rebounded to over $0.8, but still remains far below its historical high.

MANTRA Denies Rumors of Project Team Dumping

The reason for the crash remains uncertain, but there are concerns within the community that the project team may have dumped a large number of tokens. In response, MANTRA’s official statement denied any connection to the crash and attributed the unusual volatility to “irresponsible liquidation actions,” emphasizing that they will provide more details of the investigation as soon as possible.

After the incident, MANTRA co-founder John Mullin stated that, according to his preliminary understanding, an unnamed exchange conducted large-scale forced liquidations over the weekend: “It looks like this exchange took over a significant number of positions and then liquidated them all at once. We are still clarifying why they did this.” He did not disclose which exchange carried out the liquidation, only stating that it was not Binance, and that the team is investigating the reasons and processes behind the actions.

According to data from Coinglass, this crash led to liquidations of $67.55 million in OM contracts within the past 12 hours.

On the other hand, information shared by Lookonchain indicates that before the drop in OM, 17 addresses collectively transferred 43.6 million OM (with a total value of approximately $227 million) to exchanges, accounting for about 4.5% of the total supply, with two of those addresses belonging to MANTRA’s strategic investor, Laser Digital.