The value of the Mantra token has plummeted drastically, with some traders labeling it as one of the most significant drops since the LUNA crisis.
In just 24 hours, the price of the Mantra (OM) token—part of the blockchain for real-world tokenized assets—has nosedived by more than 90%.
On April 13, the token’s price fell from around $6.3 to under $0.50, erasing over $6 billion from its market capitalization.
Traders have described the sudden drop as resembling a rug pull, which raises alarming concerns. A market investor noted, “[The] team needs to address this or OM looks like it could head to zero. Biggest rug pull since LUNA/FTX?”
This situation is still unfolding, and updates will be provided as more information comes to light.