Mantra Token (OM) Plummets Over 90% in 24 Hours Amid Rug Pull Fears
Apr 13, 2025, 8:52 p.m.
22 sources
negative
The native cryptocurrency of the Mantra real-world tokenized asset blockchain, represented by OM, experienced a dramatic collapse, falling from about $6.3 to below $0.50 in just 24 hours. This drop wiped out over 90% of its $6 billion market cap, triggering widespread alarm among investors. Accusations of a potential rug pull have surfaced, with market participants drawing comparisons to past incidents like LUNA and FTX. An investor, Gordon, warned that unless the Mantra team intervenes, OM's value could continue spiraling to zero. As this situation continues to evolve, further details are awaited to better understand the full impact of this drastic price movement on investor confidence.
In the short term, OM is expected to face severe volatility and continued selling pressure as negative sentiment and panic selling dominate the market. The headline collapse, comparisons to previous catastrophic events like LUNA and FTX, and public accusations of a rug pull are likely to drive immediate downward price pressure. Long-term recovery will depend on the transparency and remedial actions by the development team. Historical trends indicate that unless decisive steps are taken to restore confidence, the price may struggle to recover, potentially leading to prolonged undervaluation.
Sources
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