Mantra (OM) Token Plunges Below $0.50 as a Major Holder Dumps 2 Million Tokens

Mantra (OM), once a rising player in the decentralized finance (DeFi) domain, is now grappling with one of its most turbulent phases yet. The token has slid below the $0.50 threshold following a dramatic sell-off by a major holder, raising alarms across the crypto community.

This move, which involved a whale dumping 2 million OM onto Binance—worth approximately $871,000—has sent shockwaves through the market. More concerning, the transaction resulted in a realized loss of over $25 million, making it one of the most severe whale capitulations in recent times.

The same wallet, just six weeks ago, had pulled 4 million OM valued at over $27 million before this chunk liquidation. Such high-volume exits often trigger panic among retail traders and contribute to downward spirals in price action.

At the time of writing, OM is trading at $0.4152, down nearly 5% in the past 24 hours. This marks a staggering drop from its recent highs above $6. The price collapse accelerated after OM broke down from a descending channel pattern, confirming bearish continuation. The sharp decline has also formed a significant price wick—typically associated with liquidation events and emotional selling, both of which signal potential market capitulation.

Technical indicators paint a grim picture. The Relative Strength Index (RSI) is languishing at around 17, a level deeply rooted in oversold territory. While this suggests that OM may be approaching exhaustion, the absence of positive momentum or bullish catalysts limits recovery hopes. On a slightly brighter note, the MACD histogram has begun to turn positive, hinting that selling pressure may be slowing—but not yet reversing.

From a fundamental standpoint, things don’