Top RWA Token Mantra (OM) Tanks over 90%- Here’s What Happened in the past Hrs

A month ago, the platform launched an airdrop and before this, they had blacklisted more than 50% of wallets, calling them ‘bots’ without any transparency. This followed a series of rumors that shook the confidence over the token. Insiders were allegedly running OTC token deals at 50% discounts, which triggered panic selling, stop-loss cascades and leverage liquidations, while most of them had no idea of what was going on behind the scenes.

The OM price crash has shaken the entire crypto market with the excessive greed of the Mantra team. Since Q3, 2023, the OM token has been surging with a 200x upswing and the reason behind this jump was not fundamental but market manipulation. The changed tokenomics, controlled 90% supply, delayed community airdrop, OTC deals and Tier-1 market makers who inflated prices over the past 2 years.

Whats Next for the Mantra (OM) Price？ Will it Recover or be the Next LUNA？

Initially, the dump was triggered by the sale of 4 million tokens, and as the liquidity was low on weekends, the price dropped below $3, pushing the OTC buyers into a loss. In no time, the liquidation cascade happened, and the MMs & OTC buyers rushed to sell first, causing the 90% dump. During all this, the second-largest wallet was delegating and sending OM tokens to exchanges.

It points towards a perfectly planned dump to rug the community that was executed. The Terra ecosystem created a new token to revive the platform but failed. The same thing happened with the FTT token as well. This suggests that once the investors lose their confidence, the tokens future remains in the dark. While the people behind the Terra & FTX collapse were put on trial, the founders and CEOs of Mantra may also face a similar consequence.