The team's first statement after the sharp get dumped in the OM price.

Following the sharp drop of over 90% in Mantra's OM token, the project team made their first statement. In the statement, it was noted that the drop was not related to the team, and it was stated as follows:

"We want you to know that MANTRA is fundamentally strong. Today's movement was triggered by liquidations that are not related to the project. We would like to make it clear that this is not a situation concerning our team. We are investigating the issue and will share more details about what happened as soon as possible."

What had happened?

In the evening hours, OM was trading at $6.14, but it quickly declined to as low as $0.37. As a result of this get dumped, the project's market value, which was over $6 billion, fell to $600 million. It was suggested that this significant loss in value occurred due to sales from someone on the team or a market maker holding a large amount of tokens.

OM rose to as high as $0.74 following the first statement from the team. The token is trading at this price level as of 23.55.

Published: April 14, 2025 00:02