365Crypto
The Mantra token took a nosedive, crashing over 90% in just 24 hours.
On April 13, OM dropped from around $6.30 to under $0.50. That wiped out billions in market cap.
Traders panicked. One investor called it “the biggest rug pull since LUNA.” Harsh words.
The cause? Still unclear. Cointelegraph tried asking the Mantra team. No response yet.
Some blame mass liquidations, not shady devs. But crypto’s memory is long—and suspicious.
Mantra’s JP Mullin hopped on X to say, “We’re not going anywhere.” He even posted their wallet address.
He claims the team’s OM tokens are safe. They’re not fleeing the scene.
This meltdown comes after January’s flashy $1B tokenization deal with DAMAC.
Mantra had scored a license from Dubai’s crypto regulator, VARA, to run exchanges and offer tokenized assets.
Real estate investors loved it—fast settlement, low fees, and global reach. That story may now be changing.
