Cryptocurrency Montra, which experienced a sharp drop of over 90% in a single day, has managed to rebound and show a 50% growth, attracting investor interest.
Overall Drop in Montra's Price
The price of Montra (OM) reached a high of $0.82 on Tuesday, yet remains significantly below its all-time high of $9.10. It would need to rise over 1000% to retest its record.
Response from Founder JP Mullin
JP Mullin, the founder of Montra, stated that the recent crash was not the result of a rug pull as some analysts speculated. He attributed the decline to forced liquidation of large holders on an unnamed crypto exchange.
Potential Risks and Stabilization Measures
The Montra team plans to publish a post-mortem of the recent crash and announce initiatives aimed at restoring trust. Among these will be a token buyback and burn mechanism, which are intended to enhance the token's value through reduced circulation.
Thus, while recent fluctuations raise questions, Montra shows a strategic approach to restoring its market standing, though investors should remain cautious about potential risks.
