Breaking: MANTRA coin ($OM) Nosedived Nearly 100% Today MANTRA, a Security first RWA Layer 1 Blockchain, capable of adherence and enforcement of real world regulatory requirements that is Built for Institutions and Developers, offering a Permissionless Blockchain for Permissioned applications saw its native token Mantra Coin ( CRYPTOCAP:OM ) plummeted 94% today amidst falling out of a bearish symmetrical triangle.
The bloodbath came as a shock as days ago it was sitting on a market cap of $6 Billion and major deals were iterated, including a $1 Billion tokenization pact with DAMAC.
However, the main trigger was an allegedly suspicious 3.9M CRYPTOCAP:OM deposited (linked to team wallets) to OKX, fueling sell-off fears.
Key Allegations
Team controls ~90% supply – raising manipulation concerns.
Undisclosed OTC deals – tokens reportedly sold at 50% discounts.
Exchange liquidations – forced closures worsened the crash.
However, Binance CEO Said:
"OM CRYPTOCAP:OM 90% price crash was due to massive cross-exchange liquidations, tokenomics changes, and large token dumps".
In response to an X post, the Mantra team said:
"we want to assure you that MANTRA is fundamentally strong. Today’s activity was triggered by reckless liquidations, not anything to do with the project. One thing we want to be clear on: this was not our team. We are looking into it and will share more details about what happened as soon as we can."
Technical Outlook
As of the time of writing, CRYPTOCAP:OM is down 28.6% according to the 4 hour price chart. the asset is showing signs of a reversal but the diamond hands are weak prior the extreme token sell-off as hinted by the RSI at 11.51, this is extremely oversold with a possible reversal lurking around the corner, should the team figure out the cause of the bloodbath, CRYPTOCAP:OM might reclaim $1 zone and then possibly the $5 price point.
With the market cap presently $697 million, CRYPTOCAP:OM has enough strength for a bounce back after the mainstream crypto market might have digest the news.
MANTRA Price Live Data
The live MANTRA price today is $0.719974 USD with a 24-hour trading volume of $2,499,155,492 USD. MANTRA is down 88.55% in the last 24 hours. The current CoinMarketCap ranking is #81, with a live market cap of $697,898,136 USD. It has a circulating supply of 969,337,399 OM coins and the max. supply is not available.
