The price of OM, the native token of the Mantra blockchain, dropped over 90% within 24 hours

The collapse erased nearly $6 billion from its market capitalization.

The price of OM (CRYPTO: MANTRA), the native token of the Mantra blockchain, dropped over 90% within 24 hours, falling from approximately $6.30 to below $0.50. The collapse erased nearly $6 billion from its market capitalization.

Key Figures:

* High: $6.30

* Low: $0.48

* Average: $2.84

* Market capitalization (high): $6 billion

* Market capitalization (low): $500 million

* Total supply: 10 billion OM

* Circulating supply: 1 billion OM

What Happened:

Here is all the info I gathered on Mantra Situation:– APPARENTLY team dumped 90% of circulated supply and deleted the telegram – it was heavily manipulated token via MMs and team had most of the supply control, had many other red flags as well – had one of the most famous macroeconomic hedge funds investing in it (which pulled out quickly after price went up a lot). A new report from Bitsonic mentions that the token was being manipulated via market makers (MMs) and that the team had a majority of the supply in its control. The report also pointed out that macroeconomic hedge fund Point72, founded by billionaire and former hedge fund manager Stanley Dreasner, was an early investor in Mantra. The fund pulled out of its investment quickly after the token’s price went up significantly, the report stated.

Is Mantra Team Dumping?

Mantra’s official Telegram group was closed to new members during the incident.

The project also faced issues with its Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) in February 2025, which was later revoked.

The token’s price collapse comes amid a broader selloff in the cryptocurrency market, which has seen several major tokens lose value following a rally earlier in the year.

Background: Mantra is a blockchain project focused on real-world asset (RWA) tokenization. It previously announced a $1 billion tokenization partnership with DAMAC Group and received a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) in February 2025.

This is a developing story: Quick Take: Mantra Token Collapses Over 90% in Hours Amid Manipulation Allegations