A recent sharp decline in the price of Mantra (OM) token has caused significant concern among investors. Overnight, the price dropped from $6.10 to $0.60, shocking many.
What Happened?
The price of Mantra (OM) fell by 90%, equating to a loss of $3.5 billion in market capitalization in just a few hours. One crypto analyst compared this event to the Terra Luna collapse, claiming that the Mantra team dumped all their tokens, which represented 90% of the total supply.
Statements from the Mantra Team
The Mantra team released a statement assuring that the project remains fundamentally strong. They attributed the price drop to 'reckless liquidations' and emphasized that the team was not responsible for the incident. They intend to investigate and share more details soon.
What This Means for Investors?
The situation raises serious concerns among investors. A 90% price drop in a single day signals that something significant went wrong. While the team blames external factors, many analysts are skeptical of this explanation. Investors will need to wait for further clarification to understand if this incident affects the project's future.
The Mantra situation highlights the high risks associated with cryptocurrency investments, especially with new tokens. The project's future remains uncertain.
