Recently, the native token MANTA of the Manta Network crypto project was listed on the Bithumb exchange. Following the listing, the value of MANTA sharply increased, reaching a peak of $220, but then just as rapidly fell to below $1. This price drop occurred due to intense selling as token holders began to massively dispose of it following the completion of the initial coin offering (ICO).

Last week, the Manta Network team conducted an ICO through Binance Launchpool, offering 3% of the maximum amount of MANTA, which is 30,000,000 tokens, to market participants. After the ICO, MANTA was listed on various centralized exchanges, including KuCoin, Binance, and Bithumb. On Binance, the token is trading at $0.05, while on Bithumb, its value reached 302,793 won ($220), signifying a 16000% increase, but then plummeted by 99%.

Manta Network is a versatile ecosystem for Web3, enabling users to create and launch decentralized applications based on Solidity. This case with MANTA highlights the volatility of the cryptocurrency market and the risks associated with investing in new crypto projects.