MNT [OM] Enters Highly Volatile Phase After Whale Dumps $871K of Tokens

After a whale deposited 2 million OM, valued at $871K, into Binance, realizing a staggering $25.44 million loss, MNT [OM] has entered a highly volatile phase.

Mantra [OM] has entered a highly volatile phase following a whale’s massive 2 million OM deposit into Binance. The move, valued at $871K, comes after an earlier 4 million OM withdrawal (valued at $27.18 million) just six weeks ago.

This might seem like a large sum, but it pales in comparison to the $25.44 million loss the whale realized after converting the tokens.

Such abrupt and substantial losses often unsettle markets, especially when executed by large holders.

Did OM’s falling channel break all hope?

OM’s price action paints a grim technical picture.

At press time, Mantra traded at $0.4152, down 4.93% in the last 24 hours. The token recently broke down from a descending channel structure, accelerating its fall from above $6 to under $0.50. This collapse formed a sharp wick that hints at panic-driven liquidation, typical of capitulation scenarios.

Having said that, the Relative Strength Index (RSI) on the lower time frame, now at 17.22, sat firmly in oversold territory, while the MACD histogram began turning positive. Despite these exhaustion signals, the market lacks clear bullish catalysts.

Source: TradingView

Are fundamentals deteriorating?

Meanwhile, fundamentals weren’t doing Mantra any favors. According to IntoTheBlock, all four core metrics—Net Network Growth, In-the-Money addresses, Whale Concentration, and Large Transactions—flashed bearish signals.

Net Network Growth showed weak adoption at just 0.69%.

Moreover, only -2.13% of addresses were in the green, highlighting poor entry points across the board. Concentration among large holders was also slipping at -0.05%, suggesting whales were exiting positions.

Most notably, Large Transactions dropped by -11.29%, implying a sharp reduction in high-volume movements.

Source: IntoTheBlock

Do MVRV and NVT hint at reversal or risk?

From a valuation perspective, OM remained stuck between two extremes.

The MVRV Z-score sat at -2.36, reflecting deep unrealized losses across the board. As DeepMind pointed out, such readings have historically preceded market bottoms—but only when paired with fresh demand.

However, relying on MỌNỌ's MVRV Z-score alone might be risky without confirmation from price action or increased demand. If new investors interpret this as a value zone, we might see accumulation follow.

The NVT ratio, on the other hand, surged to 26.37, suggesting the token’s market capitalization far outpaced actual on-chain activity. This implies the current price is not justified by usage, hinting at overvaluation.

Source: Santiment

In contrast, the Stock-to-Flow Ratio recently plunged to 0.834, showcasing a dramatic shift from perceived scarcity to heightened token circulation.

Together, these metrics tell a conflicting story: while NVT warns of inflated valuation, the drop in stock-to-flow reflects a collapse in long-term holding conviction.

These extremes signal a market caught between speculation and fear, lacking clear direction.

Has OM bottomed, or is there more pain to come?

While OM shows signs of technical exhaustion and sentiment is bearish, the path remains unclear unless fresh demand or bullish catalysts emerge.

Such catalysts could include the coin burn having a greater-than-expected impact or persistent accumulation from new investors.