Jonathan Gray
The price of OM, the native token of the Mantra blockchain, dropped over 90% within 24 hours, falling from approximately $6.30 to below $0.50. The collapse erased nearly $6 billion from its market capitalization.
Key Figures:
- Previous price: ~$6.30
- Lowest recorded price (April 13): ~$0.37
- Current price (as of reporting): ~$0.60
- Peak price (2024): ~$9.00
- Previous market cap: ~$6 billion
- Current market cap: ~$485 million
What happened:
- Posts on X alleged that the Mantra team or insiders sold off a large portion of the token’s circulating supply, with some claiming up to 90% was dumped.
- Others noted delays in a planned 50 million OM airdrop and restricted access to Mantra’s Telegram channel during the crash.
Is Mantra Team Dumping?
- Co-founder John Mullin attributed the price drop to a “massive forced liquidation” on an undisclosed exchange.
- Mantra’s community lead Dustin McDaniel cited “reckless liquidations” as the cause of the collapse.
- Mullin also stated via X (formerly Twitter) that the team is still operational and not exiting the project.
- The team shared a verification address claiming custody of team tokens and denied internal dumping.
Mantra’s official Telegram group was closed to new members during the incident.
Background: Mantra is a blockchain project focused on real-world asset (RWA) tokenization. It previously announced a $1 billion tokenization partnership with DAMAC Group and received a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) in February 2025.
This is a developing story: Quick Take: Mantra Token Collapses Over 90% in Hours Amid Manipulation Allegations
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