Hoskinson Takes a Swipe at New Token Investors After OM Plunges 90% — Is ADA Still Holding Strong?

Mantra’s OM token just crashed over 90%, triggering a wave of criticism, panic, and a sharp jab from Cardano founder Charles Hoskinson. In a post on X, Hoskinson pointed out how Cardano has remained consistent over the years, despite often being labeled a “ghost chain,” while many hyped new projects are now collapsing due to transparency issues. He wrote, “This so-called ghost chain turns out to be more consistent than projects hyped as ‘the next big thing.’” His statement clearly targeted the trend of investors and influencers pushing the public to dollar-cost average (DCA) into new tokens like OM, while overlooking established projects with proven track records like ADA. So what happened with OM? The token plummeted from $6.35 to $0.37 within hours due to a major controversy: a lack of transparency from the Mantra development team. Researchers like Choze claimed the team controlled up to 90% of OM’s total supply and allegedly dumped it onto the market. This sparked fear and a massive sell-off by retail investors. To make matters worse, reports surfaced that the Mantra team deleted their official Telegram account, further fueling panic. Many compared OM’s collapse to the infamous Terra Luna crash in 2022. However, the Mantra team denied the accusations. In a post on their official X (Twitter) account, Mantra called their project “fundamentally strong” and blamed careless liquidations by centralized exchanges for the situation. Co-founder JP Mullin claimed the team didn’t sell their allocations and even shared wallet addresses as proof. Interestingly, despite the massive drop, OM is still trading at $0.78 — down 22% today. This comes right after Mantra had signed a $1 billion tokenization deal with real estate giant DAMAC. This incident serves as a reminder that hype around new projects doesn’t guarantee safety. Hoskinson might have a point — consistency, transparency, and a solid track record should matter more than blind bets on the next “to the moon” token. #ada #cardano #cardanonews #adacardano #hoskinson #mantra