Mantra’s OM Token Plummets 90% Amid Market Liquidations
The OM token by Mantra experienced a 90% price drop, falling from over $6 to approximately $0.40. This crash occurred during a period of low market liquidity and was attributed to reckless forced liquidations by centralized exchanges.
- Over $50 million in liquidations reported
- Open interest decreased from $345 million to about $130 million
- OKX founder noted $220 million in tokens moved to exchanges before the crash
- Investigation into the incident is underway
The Mantra team has reassured users about the project’s fundamentals, though skepticism remains in the crypto community.