While the Rest of the Crypto Market Witnessed Significant Recovery, the Mantra (OM) Price Crashed

Amid the crypto market's high volatility due to the US-China war, the Mantra price crash left investors with massive losses. This includes a group of 19

The crypto market has seen its fair share of ups and downs, and recently, investors were left reeling from a massive crash in the Mantra (OM) price. While the rest of the crypto market has shown signs of recovery, the OM token went on a downward spiral, leading to nearly 90% crash within a few hours.

The issues behind the crash have been identified, and a group of investors are in a $400M loss.

Mantra Price Crash Pushed Crypto Traders Into $400M Loss

The crypto market has been experiencing high volatility due to the US- China war, leading to investors facing huge losses. This includes a group of 19 fresh crypto wallets or traders who moved 14.27M OM equivalent to $91M just three days before the crash.

Spotonchain X’s post revealed that these investors have scooped a massive OM tokens holding, i.e., 84.15M ($564.7M) from Binance just three days ago. Now, with the OM price crash, their remaining 69.08M OM are worth only $62.2M, leaving them in a staggering $406.3M loss.

Interestingly, crypto experts also anticipate that these investors could have contributed to the crash.

Forced Liquidation Led to Mantra Price Crash

The Mantra price crash has resulted in wiping out nearly $6 billion from the crypto market. Crypto experts like StarPlatinum have compared it to the LUNA crash, which affected the entire market. In a detailed analysis, StarPlatinum revealed that the crypto whales, failed Mantra airdrop, and investors’ panic resulted in the crash.

The Mantra co-founder John Patrick Mullin and the team clarified that forced liquidators from OM crypto investors on centralized exchanges resulted in the crash. More importantly, he clarified that the team is not behind the crash.

To be clear, this dislocation was not caused by the team, the MANTRA Chain Association, its core advisors, or MANTRA’s investors selling tokens. Tokens remain locked and subject to the published vesting periods. OM’s tokenomics remains intact, as shared last week in our latest token report. Our token wallet addresses are online and visible.

A Lookonchain post also brought clarity to the situation, revealing that 17 crypto traders deposited nearly 4.5% of the OM’s circulating supply, equivalent to 227M participating in the crash.

At the time of writing, the OM token price is still down, trading at $0.8 with a market capitalization of $761.45M. Investors are now eyeing the experts’ Mantra predictions to witness recovery.

Frequently Asked Questions (FAQs)

1. Why did the Mantra price crash?

2. How is Mantra (OM) token trading today?

3. Will the crypto traders succeed in recovering their losses after this loss?