Mantra's native token, OM, has plunged by more than 90%

The native token of Mantra's real-world asset blockchain, OM, has plunged by more than 90% in the last 24 hours.

The native token of Mantra’s real-world asset blockchain, OM, has seen a drastic decline of over 90% in the last 24 hours.

The OM price fell from around $6.2 to below $0.43 on April 13. This caused the market cap to drop by more than $6 billion.

This has left the traders in disbelief and some are calling it a rug pull. Market investor Gordon said on X, “This needs to be fixed or OM may go to zero – biggest rug pull since LUNA/FTX.”

However, the reason behind the crash is still unclear. Mantra co-founder JP Mullin responded on X, stating that the team is not abandoning the project. “We are here and not going anywhere,” Mullin said, sharing a wallet address holding the team’s OM tokens. Mantra blamed the crash on “reckless liquidations,” not team activity.

The collapse comes just months after Mantra made big moves in the Middle East. In January, it signed a $1 billion tokenization deal with real estate giant DAMAC. By February, Mantra had secured a virtual asset service provider license from Dubai’s VARA, allowing it to operate legally in the UAE.

Mantra aimed to capitalize on the growing demand for tokenized real estate and physical assets. But now, the future of OM and investor confidence in the project are uncertain.