Mantra (OM) Token Collapses 90%, Wiping Out Billions in Market Cap

Mantra (OM) experienced a catastrophic collapse overnight. What began as an ordinary trading day swiftly became a nightmare for investors as the token's price plunged

The token price of Mantra (OM) has collapsed by over 90% in the past 12 hours, causing huge losses for investors. The token's price has crashed from $6.30 to $0.70, wiping out billions in market capitalization.

Several exchanges reported abnormal trading volume and rapid price declines in low-liquidity hours on Sunday evening.

Industry sources said that a small group of large-scale investors moved large amounts of OM tokens to major trading platforms in the hours before the rout.

Crucially, the Mantra team said they were not responsible for the sell-off, blaming instead the aggressive forced liquidations executed by centralized exchanges during a period of fragile market conditions.

"Mantra community - we want to assure you that MANTRA is fundamentally strong. Today's activity was triggered by reckless liquidations, not anything to do with the project. One thing we want to be clear on: this was not our team. We are looking into it and will share more details..."

MANTRA | Tokenizing RWAs (@MANTRA_Chain) April 13, 2025

On-chain data shows that unusual deposit and withdrawal patterns were present in the days leading up to the crash, which helped amplify the downward pressure.

Analysts said that such rapid movements, especially by whale accounts, erode confidence and can create an environment where even minor sell orders trigger disproportionate declines in asset values.

On-chain analytics firm Glassnode shared a thread on X providing a detailed on-chain breakdown of the dramatic collapse of Mantra's token.

Its price dropped below $1 in a few hours, not due to any major inflow of funds but rather as a consequence of reactionary trading activity.

The data shows that there was a huge surge in trading volume, with around 38 million OM tokens traded at around $0.71, which is likely due to panic selling by retail investors and opportunistic liquidations.