Mantra’s OM Token Plummets 90% Amid Surge in Ondo Finance Activity
The crypto market experienced significant turmoil as the price of Mantra's OM token dropped over 90% in 24 hours, falling from above $6 to under $0.80. Its market capitalization decreased from $6 billion to approximately $748 million.
Key Events Leading to the Decline
- Trading volume surged by 3,000% with over $50 million in long positions liquidated on April 14.
- Seventeen wallets deposited more than 43.6 million OM tokens (valued at $227 million) onto exchanges between April 7 and the crash, constituting 4.5% of the circulating supply.
- Two wallets linked to Laser Digital, a strategic investor in Mantra, were implicated in large deposits before the price drop.
- This activity led to speculation of a coordinated sell-off or rug pull.
Responses from Key Figures
CEO JP Mullin attributed the crash to forced liquidations by exchanges during illiquid hours and stated that all team and advisor tokens are locked. OKX CEO Star Xu labeled the event a scandal, ensuring transparency through forthcoming audits of liquidation data.
Ondo Finance Sees Growth Amidst Chaos
While OM faced collapse, Ondo Finance's ONDO token gained nearly 30%, benefiting from:
- A recent listing on Binance
- A partnership with BlackRock
- Promotion of RWA tokenization in the U.S.
Analysts suggest that a breakthrough above $1.10 could trigger further upward momentum for ONDO due to favorable market conditions.