Historical collapse in OM: Altcoin dropped by 90%, 5 billion dollars wiped out

A new record drop has been added to the historical declines in the crypto market. Mantra (OM), which was launched in 2021 and has drawn attention with its rise since 2024, lost 90% of its value in just a few hours, dropping from $6.14 to $0.45.

The market value of the largest cryptocurrency in the top 20 has decreased from $6.12 billion to $650 billion. Thus, $5.5 billion was wiped out from the market value of OM in a very short time.

The get dumped started in the evening hours. At 19:30, the Crypto, which was trading at 6.14 dollars, experienced gradual and slight declines before seeing a 56% loss in just a few minutes at 21:25. Following this movement, the get dumped continued to deepen and reached up to 93%.

The exact cause of the significant get dumped is unknown. However, there are unverified rumors that some individuals within the team have made sales via over-the-counter (OTC). No official statements have been made from Mantra's official accounts so far.

OM was one of the largest projects in the tokenization of real-world assets (RWA). In recent weeks, it was claimed that the Mantra team manipulated metrics by showing the circulating supply to be larger than it actually is. It was also written that the team controlled 90% of the token supply, but this claim was denied by Mantra's co-founder Patrick Mullin.

The token is trading at $0.54 as of 22.35.

Published: April 13, 2025 22:40 Last Updated: April 13, 2025 22:45