咒語（OM）災難性價格崩潰引起了有關潛在內部活動和價格操縱的立即危險信號

作為回應，鯨魚已經賣掉了他們的股份，暗示最有知情的錢包正在降級風險。但是，行業專家充滿信心，這一集只是現實世界中資產（RWA）市場的長期整合中的打ic。

The catastrophic price collapse of MANTRA (OM) on Monday, rendering the token nearly worthless, has sparked immediate concerns over potential insider activity and price manipulation.

週一，咒語（OM）的災難性價格崩潰幾乎毫無價值，引發了人們對潛在的內部活動和價格操縱的立即擔憂。

In response, whales have sold off their holdings, hinting that the most informed wallets are de-risking, while industry experts are confident that this episode is only a hiccup in the long-term consolidation of the real-world asset (RWA) market.

作為回應，鯨魚已經出售了他們的股份，暗示最有知識的錢包是偏離風險的，而行業專家則確信，這一集只是對現實世界中資產（RWA）市場的長期合併中的麻煩。

BeInCrypto spoke with experts from Blocksquare, Credefi, and QuantHive to discuss what went wrong during the token crash, the aftermath, and how it has affected current enthusiasm over tokenized assets.

Beincrypto與Blocksquare，Credefi和Quanthive的專家進行了交談，討論了令牌崩潰期間出了什麼問題，後果以及它如何影響當前對令牌資產的熱情。

The Price Crash

價格崩潰

On Monday, the MANTRA (OM) token suffered a catastrophic price collapse, plummeting over 90% in less than an hour and wiping out over $5.5 billion in market capitalization. The sudden crash took OM from a high of $6.33 to below $0.50.

週一，咒語（OM）代幣遭受了災難性的價格崩潰，在不到一個小時的時間內下降了90％以上，並消除了超過55億美元的市值。突然的撞車事故使OM從6.33美元的高價降至低於0.50美元。

With the MANTRA team allegedly holding nearly 90% of the total token supply, the action immediately sparked concerns over possible insider trading and price manipulation.

據稱，由於咒語團隊持有近90％的代幣供應量，該行動立即引發了人們對可能內部交易和價格操縱的擔憂。

On-chain data revealed a deposit of 3.9 million OM tokens to the OKX exchange from a wallet allegedly linked to the MANTRA team. This substantial deposit immediately raised red flags within the investor community. The primary concern was that the team was preparing for a large-scale sell-off.

鏈上的數據顯示，從據稱與咒語團隊相關的錢包中，有390萬個OM令牌向OKX交易所存入。這筆大量押金立即在投資者社區內提出了危險信號。主要問題是該團隊正在準備大規模拋售。

“It seems like a classic case of low transparency meeting high concentration risk. A significant‬ ‭token transfer to a centralized exchange—especially one perceived to be linked to the core‬ ‭team—can be enough to trigger panic in any market, let alone one already on edge,” Ivo Grigorov, CEO of Credefi, told BeInCrypto.

“這似乎是一種經典的透明度較低的經典案例，以達到高集中的風險。向集中式交流（尤其是被認為與核心團隊相關的人）的顯著代幣轉移可以在任何市場上引起恐慌，更不用說已經處於邊緣的恐慌了，” Credefi的首席執行官Ivo Grigorov告訴Beincrypto。

The token underwent a rapid wave of forced liquidations to the tune of $66.97 million in only 12 hours, furthering OM’s downfall. The MANTRA team reportedly maintained significant control over OM’s supply, holding as much as 90% —approximately 792 million tokens— in a single wallet.

代幣在僅12個小時內就經歷了迅速的強迫清算浪潮，達到了6697萬美元，從而促進了OM的失敗。據報導，咒語團隊對OM的供應保持了重大控制，在一個錢包中持有多達90％的90％（約7.92億個令牌）。

As a result, only a small fraction was available for public trading, rendering the token susceptible to substantial selling pressure and raising sharp concerns over insider activity.

結果，只有一小部分用於公共交易，使代幣容易受到巨大銷售壓力的影響，並引起了對內部活動的急劇關注。

According to recent data from QuantHive, an AI trading platform that routinely monitors blockchain activity and tracks the combined movements of leading ‘Alpha’ traders, there has been a strong shift in sentiment around the OM token.

根據Quanthive的最新數據，該數據是一個經常監視區塊鏈活動並跟踪領先的“ Alpha”交易者的合併運動的AI交易平台，OM令牌周圍的情感發生了強烈的轉變。

Impact on Investor Confidence

對投資者信心的影響

Following Monday’s event, investor confidence in the MANTRA project seems to be severely damaged, and the project’s future appears bleak.

在周一的活動之後，投資者對咒語項目的信心似乎受到嚴重損害，該項目的未來似乎黯淡。

QuantHive's analysis identified that Alpha wallets were generally net accumulators of OM, signaling confidence. However, since the downfall, in the last 48 hours, QuantHive observed over $2.5 million in OM sold versus $1.6 million bought. This pivot suggests a coordinated exit or a lack of confidence in the recovery of the project among seasoned players.

Quanthive的分析表明，Alpha錢包通常是OM的淨蓄能因子，這是信號信心。但是，自從倒台以來，在過去的48小時內，第四小時觀察到超過250萬美元的OM出售，而購買了160萬美元。這個樞紐表明，協調的出口或對經驗豐富的球員中項目的恢復缺乏信心。

At the same time, news of the price collapse has drawn significant attention to the project. As a result, on-chain traction around the OM token has risen considerably over the past two days. However, despite the buzz, QuantHive's platform Flow Sentiment Signal shifted to [Fear, Uncertainty, and Doubt].

同時，價格崩潰的消息引起了該項目的重大關注。結果，在過去兩天中，OM令牌周圍的鍊鍊牽引力大大增加。然而，儘管嗡嗡作響，但Quanthive的平台流情緒信號轉移到了[恐懼，不確定性和懷疑]。

"This spawns from a combination of factors, including the speed and magnitude of the price crash, the reported actions of the core team, and the unfolding events on-chain, which are being closely monitored by both institutional and retail traders," said Felix Huang, QuantHive's Marketing & Community Lead.

Quanthive的營銷和社區領導者Felix Huang說：“這是由多種因素（包括價格崩潰的速度和幅度，核心團隊的舉動的速度和幅度）產生的，以及鏈上不斷發展的事件，這些事件受到機構和零售商人的密切監控。”

At the same time, large investors are massively exiting the market.

同時，大型投資者大大退出了市場。

What do the Whale Sell-Offs Mean?

鯨魚拋售是什麼意思？

During the MANTRA episode, a substantial sell-off occurred, seemingly initiated by significant disposals from large holders. Blockchain analytics firm Lookonchain tracked at least 17 wallets that collectively deposited 43.6 million OM tokens, valued at $227 million, onto exchanges starting April 7.

在咒語情節中，發生了大量拋售，似乎是由大型持有人的大量銷售發起的。區塊鏈分析公司LookonChain至少跟踪了17個錢包，這些錢包從4月7日開始，將4360萬個OM令牌存放在價值2.27億美元上。

This volume constituted 4.5% of OM’s circulating supply, highlighting a major offloading event by key investors. According to Huang, this data is significant, showing that whales are reducing their exposure to MANTRA.

該卷佔OM循環供應的4.5％，強調了主要投資者的重大卸載活動。根據黃的說法，這些數據很重要，表明鯨魚正在減少其對咒語的暴露。

“The data suggests that the most informed wallets are currently de-risking. This is a reaction to the entire fiasco. Whatever the cause is, retail and institutional observers should tread with caution—the whales have spoken, and for now, they’re heading toward the exit,” he explained.

他解釋說：“數據表明，最知情的錢包目前正在危險中。這是對整個慘敗的反應。無論原因是什麼，零售和機構觀察者都應謹慎行事 - 鯨魚已經說話了，就目前而言，他們正朝著出口前進。”

This conclusion is easily reached given the long-standing increase in concerns about the project's fundamentals.

鑑於對項目基本面的擔憂長期增加，可以很容易地得出這一結論。

Early Signs of Mismanagement

施法不善的早期跡象

In the last year, accusations have emerged that the MANTRA team manipulated the token’s price using market makers, altered the token’s economic structure, and repeatedly postponed a community airdrop. Reports have also surfaced indicating that MANTRA potentially engaged in undisclosed over-the-counter (OTC)

去年，有人指責咒語團隊使用做市商操縱令牌的價格，改變了代幣的經濟結構，並反复推遲社區空調。報告還浮出水面，表明咒語可能參與未公開的非處方（OTC）