A major whale has made a significant move in the Mantra (OM) market

A major whale has made a significant move in the Mantra (OM) market, attracting curiosity among crypto market participants. Today crypto analyst, The Data Nerd

A major whale has made a significant move in the Mantra (OM) market, sparking curiosity among crypto market participants. Today crypto analyst, The Data Nerd, has reported a substantial transfer of 1.724 million OM into Binance, leaving the whale with big losses.

Last month, this whale 0x5AC accumulated 2.9M $OM for $18.7M (avg entry ~$6.45)

2 days ago, he deposited 1.724M $OM (~$1M) into #Binance

If sold all, he will have realized loss ~$10.11M (ROI -91%)

Just now, he still owns 1.173M $OM (~$595k) with unrealized loss ~$6.97M…pic.twitter.com/rNhoA07jr

— The Data Nerd (@DataNerd8) April 27, 2024

This whale activity has sparked discussion on X (formerly Twitter), with users discussing the potential impact of such a large-scale sell-off on the market.

Earlier this week, there was a sudden and massive price drop of over 90% just two weeks ago. These deposits could be triggered by the recent price drop or show selling intentions to use the funds for other investment purposes or trading activities.

However, if this whale decides to sell his entire 2.9 million OM tokens, he will have a realized loss of $10.11 million (91% ROI loss). Currently, he still holds 1.173 million OM coins valued at $595,000 with an unrealized loss of $6.97 million.

Whale activities, like this one, are always keenly observed in the virtual currency market because they can exert a substantial impact on price movements. In the case of Mantra, this whale's activity could influence the market stability and potentially cause more selling pressure.

Mantra announces token burning process

Today’s trading chart shows a tremendous price fall in the Mantra market. The asset’s price has been down 15.7%, 92.0%, 92.0%, and 34.3% over the past week, two weeks, one month, and one year, respectively. This immense downtrend has been triggered by increasing selling pressure due to panic among token holders.

Last week, on April 13, Mantra’s price crashed, causing the asset to lose more than 90% of its value and wiping out over $5.5 billion in market valuation. The collapse caused fear and bearish sentiment among investors and traders.

Today, Mantra’s CEO announced a token burn program aiming to restore users’ confidence after the massive plunge. The company is currently working on a plan to initiate a burn of huge 300 OM million tokens (on April 29) to decrease the overall supply and enhance staking profitability.

The token is currently trading at $0.5073, down 1.6% from yesterday. With the ongoing token-burning process in place, Mantra could experience a rebound and a possible price rise in the coming weeks.