OM Token Tanks 90%: Crypto Drama You Can’t Miss!

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So, the token’s price went from $6.2 to “can I borrow 45 cents?” faster than you can say “crypto crash.” Billions vanished, and the crypto community is now collectively clutching their pearls. 🚨

Why Did It Crash? Let’s Dive In (With Popcorn 🍿)

  • Massive Token Deposits and Potential OTC Deals: Apparently, wallets that might be linked to the Mantra team dumped millions of OM tokens on OKX. And guess what? The team controlled 90% of the supply. Coincidence? Probably not. Speculation is rife that these tokens were part of OTC deals at a 50% discount, because why not make a bad situation worse? 💸

  • Forced Liquidations Across Exchanges: Binance blamed cross-exchange liquidations for the crash. Basically, leveraged positions got wiped out faster than a toddler’s ice cream on a hot day. 🍦🔥
  • Allegations of Insider Selling and Lack of Transparency: Analysts and the crypto community are side-eyeing the Mantra team, accusing them of insider selling. Oh, and they deleted their official Telegram group. Nothing suspicious about that, right? 🕵️‍♀️

What’s Next? (Spoiler: Probably More Drama)

This crash is giving major LUNA 2022 vibes. Mantra’s co-founder, JP Mullin, claims it was all due to forced liquidations and not the team’s actions. But with zero clear communication, investors are understandably skeptical. Stay tuned for the next episode of “Crypto Chaos.” 🎬

This whole mess is a reminder that centralized token control and lack of transparency are a recipe for disaster. Who knew? 🤷‍♀️

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2025-04-14 14:15