In a curious twist of fate, while the broader crypto market basked in the warm glow of recovery, the Mantra (OM) price plummeted like a lead balloon, leaving traders in a state of utter disarray. Within mere hours, this once-beloved altcoin nosedived by nearly 90%, transforming hopeful investors into tragic figures of financial loss. The issues have been unearthed, yet the aftermath remains, casting a shadow over a group of investors who now find themselves nursing a staggering $400 million wound. Oh, the irony! 😅
Mantra Price Crash: A $400M Comedy of Errors
Amidst the crypto market’s tempestuous volatility, exacerbated by the US-China fracas, the Mantra price crash has left a trail of devastation. Among the casualties are 19 fresh crypto wallets, who, in a moment of misguided optimism, transferred 14.27 million OM, worth a princely $91 million, just three days prior to the calamity. Talk about bad timing! ⏳
According to Spotonchain X, these investors had amassed a staggering 84.15 million OM tokens ($564.7 million) from Binance, only to watch their fortunes evaporate. Now, with the OM price crash, their remaining 69.08 million OM are valued at a mere $62.2 million, leaving them with a jaw-dropping $406.3 million loss. Who knew crypto could be such a rollercoaster? 🎢
Interestingly, some crypto sages speculate that these very investors might have played a role in their own demise. How delightfully ironic! 🤔
Forced Liquidation: The Culprit Behind the Mantra Meltdown
The Mantra price crash has not only wreaked havoc on individual wallets but has also obliterated nearly $6 billion from the crypto market. Experts, like the ever-astute StarPlatinum, have drawn parallels to the infamous LUNA crash, which sent shockwaves through the entire market. In a thorough analysis, StarPlatinum pointed fingers at crypto whales, a failed Mantra airdrop, and the panic of investors as the trifecta of doom. 🎭
John Patrick Mullin, the co-founder of Mantra, and his team have been quick to clarify that the chaos was not orchestrated by them. Instead, they attribute the crash to forced liquidations from OM investors on centralized exchanges. “Rest assured,” he proclaimed, “we are not the villains in this tragic tale.” 🦸♂️
To be clear, this dislocation was not caused by the team, the MANTRA Chain Association, its core advisors, or MANTRA’s investors selling tokens. Tokens remain locked and subject to the published vesting periods. OM’s tokenomics remain intact, as shared last week in our latest token report. Our token wallet addresses are online and visible.
A post from Lookonchain further illuminated the situation, revealing that 17 crypto traders had deposited nearly 4.5% of OM’s circulating supply, equivalent to 227 million, into this chaotic fray. What a spectacle! 🎪
As of this moment, the OM token price languishes at $0.8, with a market capitalization of $761.45 million. Investors now gaze longingly at the experts’ predictions for Mantra, hoping for a miraculous recovery. Fingers crossed! 🤞
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2025-04-14 10:31