Token om of mantra collapse 90% in the midst of wave of liquidations

By Hannah Pérez

The native mantra token suddenly collapsed more than 80% on Sunday in a dramatic event that caused criticism and speculation. The mantra team rejects sales accusations and alleges that everything is fine.

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• OM of mantra collapse 90% price at less than 50 cents.
• The mantra team rejected the accusations of internal sales.
• They blamed the fall to the “reckless” liquidations in the derivative market.

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The native token om of mantra, a network Blockchain Layer 1 Centered in Tokenization, suddenly collapsed Sunday in an event that remembered cryptocurrency merchants the dramatic case of Terra.

OM sank more than 90% price on Sunday afternoon (ET), moving from a level above USD $ 6 to less than 50 cents in a matter of a few hours. The lack of an immediate catalyst for the fall caused all kinds of conspiracy theories and accusations among cryptocurrency communities.

The fall event caused a liquidation waterfall for USD $ 77 million in the last 24 hours at the time of writing these lines, in the midst of broader liquidations for USD $ 350 million in the crypto market, according to data from Coinglass.

“Today’s activity was caused by reckless liquidations, not for anything to do with the project“, Wrote the mantra team in X attending the accusations on alleged internal sales by the creators.

John Patrick Mullin, co -founder of Mantraalso assured on social networks that the drastic price movements of OM were caused by “reckless forced closures initiated by centralized exchanges [CEX] In OM account holders“

Mullin cited a “Mass forced liquidation of a large OM investor in an CEX“In its publication.”I am still working on the details, but we are here, and we are fixing this“, said.

Mantra team rejects sales accusations

Futures tracked by OM registered more than USD $ 50 million in liquidations on the side of long positions, a record figure for the token, he reported COINDESK. The open interest collapsed from USD $ 345 million to just over USD $ 130 million, indicating a quick exit for unstable futures bets.

Released in August 2020, OM was one of the largest market winners in 2024, increasing more than 400% to a historical maximum of USD $ 9 in February. Token facilitates transactions and governance of Mantraa network that allows users token real world assets (RWA) as real estate and basic products.

Mantra was recently associated with the Damac real estate development company, based in Dubai, which promised to token more than USD $ 1 billion in real estate, according to Mullin in an interview.

“We want to make sure that mantra is fundamentally strong“Said the team in an X post after the fall in prices, blaming the settlements”reckless”And ensuring that it had nothing to do with the project or its developers.

However, some personalities of the cryptocurrency space did not believe the narrative.

Om collapse 90% price

Some users noticed the activity of tickets for millions of dollars in tokens $ om to the OKX exchanges and Binance In recent days, indicating possible sales. According to reports, a wallet received around USD $ 36 million tokens $ om of a address of Binance On March 21, he then transferred around 4.3 million tokens to OKX on Saturday.

The founder of OKXStar Xu, said in response that he had identified more than USD $ 220 million in om tokens deposits to exchanges before price collapse.

“It is a great scandal for the entire cryptographic industry. All unlocking and deposit data in the chain are public, all the main exchanges can investigate the guarantee and liquidation data. OKX will prepare all reports“Xu said.

Others indicated the total blocking value of blocked (TVL) of only around USD $ 13 million, compared to the totally diluted value of their USD token $ 9.5 billion, according to data from Defillas a possible warning signal.

THE PRICE GRAPH OF OM in Coinmarketcap It shows that the cryptocurrency initially fell 10% price before a broader collapse to play a minimum of one year of USD $ 0.422. For the time of editing, OM negotiated at USD $ 0.717 with a negative variation of 88% in the last 24 hours.

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Hannah Estefanía Pérez / Diariobitcoin

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