Mantra (OM) Token Plummets Over 90% in 24 Hours
In a dramatic turn of events, the native token of the Mantra blockchain, OM, has experienced a catastrophic collapse of over 90% in market value over the course of a few hours.
According to blockchain data, the token's price plunged from approximately $6.30 to under $0.50, effectively wiping out more than $5.5 billion in market capitalization — a staggering drop from $6 billion to below $500 million. The crash, which unfolded over the span of April 13, has shocked both investors and analysts.
Manipulation Allegations Surface
Blockchain sleuth @zachxbt, known for his investigative work in tracing stolen or lost funds, including high-profile cases involving Bybit, weighed in on the situation.
There’s no question it was a heavily manipulated token via MMs / supply control
— ZachXBT (@zachxbt) April 13, 2025
This claim has fueled further concerns among the crypto community that the token’s ecosystem may have been artificially influenced rather than standard market dynamics.
Mantra’s Official Response
In response to the fallout, the Mantra team issued a public statement aimed at reassuring its user base:
MANTRA community - 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…
— MANTRA | Tokenizing RWAs (@MANTRA_Chain) April 13, 2025
Despite the statement, the community reaction has been mixed, with many expressing confusion and disbelief. This reflects a growing sentiment that the “reckless liquidations” narrative may not sufficiently explain the scale of the collapse.
What’s Next?
As of now, the full cause of the crash remains unknown. Mantra has promised to conduct an internal investigation and release further details in due course. Until then, uncertainty lingers.
