Mantra ($OM) coin crashes by over 90%, wiping out $6B in market capitalization

Mantra ($OM) coin has recently crashed by over 90% during the past 24 hours. As per the crypto market data, the sheer collapse of the Mantra ($OM) coin has resulted in the drainage of up to $6B in market capitalization during the recent twenty-four hours.

In the rapidly evolving landscape of cryptocurrencies, the past twenty-four hours have witnessed a dramatic crash of Mantra ($OM) coin by over 90%. As per the latest crypto market data, the sheer collapse of the $OM coin has resulted in the drainage of up to $6B in market capitalization during the recent twenty-four hours. Triggered by the broader market upheaval, the collapse of $OM has fueled speculation and panic among crypto traders amid suspicions of a likely rug pull.

$OM Plunges by 90% Amid Rising Fears of Potential Rug Pull

According to the latest market stats, $OM, the crypto coin of the Mantra blockchain, has plunged by 90% over the past twenty-four hours. Wiping out over $6.30B in the case of market capitalization, the crypto coin has dipped below $0.50.

However, the crypto community is now in a state of panic amid the rising suspicions of a potential rug pull. Several market onlookers have rapidly drawn parallels between this event and the former notorious crashes such as $FTX and $LUNA. The traders are urging the team behind the $OM coin to quickly address the respective situation.

At present, $OM appears to be heading toward zero, indicating a huge rug pull following the above-mentioned crashes. This week has brought another black mark on the significantly volatile market of altcoins.

Mantra Co-Founder Assures Community about Untouched Status of Team’s $OM Holdings

On this, JP Mullin, the co-founder of the Mantra blockchain, addressed the community’s concerns about being “rugged.” He asserted that no rug pull event is going on and the $OM coins of the team are still untouched.

“We are still here, and no one has pulled anything. We are working around the clock to try to salvage this situation. We are exploring all options and we are committed to doing what is best for the community.”

On the other hand, the Bitcoin ($BTC) and altcoin sectors are witnessing slight sideways movements amid the wider market uncertainty. A key role in this scenario is played by the mounting U.S.-China trade tensions.