Real-world asset-focused coin MANTRA OM/USD Topped The Cryptocurrency Gainers List On Tuesday

OM soared nearly 28% to become the most successful coin in the market, defying the declines in blue-chip assets such as Bitcoin BTC/USD and Ethereum ETH/USD.

Real-world asset-focused coin MANTRA OM/USD was among the biggest cryptocurrency gainers over the past 24 hours, recovering marginally from its weekend crash.

What Happened: OM soared nearly 28% to become the most successful coin in the market, defying the declines in both Bitcoin BTC/USD and Ethereum ETH/USD.

The coin’s trading volume also surged by 8.51% to $1.42 billion, making it the fifth most-traded cryptocurrency (excluding stablecoins) in the last 24 hours.

The recovery follows MANTRA co-founder John Patrick Mullin’s assurance that the team would release a post-mortem report, detailing the events that led to the coin’s stunning 90% collapse on Sunday.

"After this post-mortem report is released, we will share additional information on an OM token buyback program as well as an OM supply burn program to reinstall trust in the market and show our commitment to OM/MANTRA in the long term," Mullin added.

1) A quick note to say how much I appreciate all the support the MANTRA team has received in the past 36+ hours. The support and kind words have come from many sources – from partners, investors, friends, and from the wider Web3 community. Thank you.

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Why It Matters: OM, used for securing the real-world assets platform MANTRA, crashed from $5.26 to $0.42 in 90 minutes on Sunday afternoon, eroding a whopping $4.6 billion from its market capitalization.

On-chain data revealed large OM transfers by Laser Digital, one of MANTRA’s biggest investors, before the crash.

However, the MANTRA team stated that the crash was caused by "reckless liquidations" and had nothing to do with the project.

The crash soured sentiment in the real-world asset tokenization industry, with RWA protocols’ overall market capitalization falling by 6% since Sunday, according to CoinGecko.

Price Action: At the time of writing, OM was exchanging hands at $0.7385, and it was up by 27.99% in the 24-hour trading period, according to Benzinga Pro. Over the week, the coin was still down by a whopping 88%.

Photo Credit: Wit Olszewski on Shutterstock