The value of MANTRA’s OM token has crashed by more than 90% in just 24 hours, sparking widespread concern and speculation in the crypto space. As of April 13, 2025, OM is priced at roughly $0.66, down from a high of about $6.40 the previous day, wiping out billions from its market cap, which once neared $6 billion. This dramatic fall has left investors reeling and searching for answers.
MANTRA, a Layer 1 blockchain designed to tokenize real-world assets (RWAs) such as property and commodities, has been a key player in the RWA sector. Built using the Cosmos SDK, it prioritizes compliance and security to connect traditional finance with DeFi. Recent milestones, like its collaboration with Dubai’s DAMAC Group to tokenize $1 billion in real estate and obtaining a Virtual Asset Service Provider (VASP) license from Dubai’s regulator, had driven optimism. Yet, this sudden collapse has cast a shadow over its progress.
On platforms like X, discussions are rife with theories. Some traders suspect a “rug pull,” pointing to large token movements to exchanges before the crash. Others mention unverified reports of MANTRA’s Telegram and Discord channels briefly going offline, fueling distrust. Speculation about a team member’s exit has also surfaced, though no official confirmation exists. John Patrick Mullin, MANTRA’s co-founder, has previously refuted claims of the team holding excessive control over OM’s supply, emphasizing the project’s transparency since its 2020 launch.
Market data reveals the crash unfolded rapidly, with a 10% drop between 5:20 p.m. and 6:20 p.m. UTC on April 13, followed by a plunge to $0.45 within hours. Trading volume surged, indicating intense selling. Despite this, MANTRA’s total value locked (TVL) remains modest at $13 million, which some argue hinted at an overinflated valuation.
Investor sentiment is divided. Some fear OM could spiral further without clarity from the team, drawing parallels to the Terra-LUNA crash. Others believe MANTRA’s fundamentals, including a recent $108 million ecosystem fund, could support a rebound. Technical indicators, however, lean bearish, with the RSI at 47 and moving averages trending downward.
MANTRA’s team has yet to issue a statement explaining the crash, leaving the cause uncertain. Theories range from market manipulation to technical issues, but nothing is confirmed. Investors should stay cautious, as volatility may continue until the team provides answers. The crypto community is watching closely for updates to restore trust.
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