Mantra Token Decreases 93% to $0.43 in 24 Hours

The native token of Mantra's real asset blockchain, OM, has fallen by over 90% in the last 24 hours. On April 13, the price of OM dropped from around $6.2 to below $0.43, causing the market capitalization to decrease by more than $6 billion. This has left traders stunned, with some calling the event a rug pull. Market investor Gordon stated on X, "This mistake needs to be fixed, otherwise OM could go to 0 – the biggest rug pull since LUNA/FTX." However, the real reason behind the collapse remains unclear.

Co-founder of Mantra JP Mullin responded on X, stating that the team is not giving up on the project. "We are here and not going anywhere," Mullin said, sharing a wallet address holding the team's OM tokens. Mantra blames this incident on "reckless liquidation," not team activity. The collapse occurred just a few months after Mantra made significant moves in the Middle East. In January, the company signed a $1 billion crypto deal with real estate giant DAMAC. By February, Mantra had secured a virtual asset service provider license from Dubai's VARA, allowing the company to operate legally in the UAE. Mantra aims to lead the growing demand for tokenized real estate and physical assets. However, currently, the future of OM and investor confidence in the project are under threat.