咒語（$ OM）在前所未有的咒語加密貨幣中爆炸了-90％

曼特拉（Mantra）現實世界中資產區塊鏈的原住民代幣OM的價格下跌了90％以上。

The price of OM (CRYPTO: OM), the native token of real-world asset blockchain Mantra, plunged more than 90 percent on Sunday in one of the most dramatic collapses of the year.

OM（加密：OM）的價格是現實世界中資產區塊鏈咒語的原住民代幣，週日在一年中最戲劇性的崩潰之一中跌落了90％以上。

Within 24 hours, OM dropped from $6.30 to below $0.50, wiping out over $5.5 billion in market capitalization and prompting widespread panic across trading desks and Telegram groups.

在24小時內，OM從6.30美元下降到低於0.50美元，消除了超過55億美元的市值，並引起了交易桌和電報集團的廣泛恐慌。

What Happened: At the core of the crash lies what the Mantra team calls a “massive forced liquidation” on a centralized exchange.

發生的事情：墜機的核心是咒語團隊在集中式交易所所說的“大量強迫清算”。

A large OM investor triggered cascading sell orders, tanking the order books and accelerating the price decline, according to Mantra co-founder John Patrick Mullin.

曼特拉聯合創始人約翰·帕特里克·穆林（John Patrick Mullin）表示，一位大型OM投資者觸發了級聯的賣出訂單，加油訂單並加速了價格下跌。

“This wasn’t team selling,” Mullin wrote on X, formerly Twitter. “We’re still here. Still building. Still fixing this.”

“這不是團隊銷售，”穆林在X（以前是Twitter）上寫道。 “我們還在這裡。仍在建造。仍在修復此問題。”

Mantra’s public Telegram group went offline shortly after the crash, fueling speculation of internal disarray. Community lead Dustin McDaniel attempted to quell fears in a message before the group was shuttered.

墜機事故發生後不久，Mantra的公共電報小組離線脫機，這激發了人們對內部混亂的猜測。社區負責人達斯汀·麥克丹尼爾（Dustin McDaniel）試圖在小組關閉之前在一條信息中平息恐懼。

“I have no knowledge of what caused the recent price drop on OM. We are looking into it and will provide an update as soon as possible,” McDaniel said.

麥克丹尼爾說：“我不知道是什麼原因導致了OM最近的價格下跌。我們正在研究它，並將盡快提供更新。”

The scale and speed of the price collapse sparked comparisons to prior black swan events like Terra’s (CRYPTO: LUNA) LUNA implosion and the FTX fraud revelation.

價格崩潰的規模和速度引發了與先前的黑天鵝事件（如Terra（Crypto：Luna）Luna內爆和FTX欺詐啟示）的比較。

Traders and analysts flagged long-standing concerns about OM’s tokenomics, particularly its steep, fully diluted valuation, which stood at nearly $9.5 billion compared to a total value locked (TVL) of just $13 million.

貿易商和分析師對OM的Sokenomics（尤其是其陡峭，完全稀釋的估值）提出了長期的擔憂，該估值為95億美元，而總價值鎖定（TVL）僅為1300萬美元。

“It’s like a house of cards. One big liquidation could take down the whole thing,” one trader remarked.

一位交易員說：“這就像紙牌屋。一個大清算可能會拆除整個事情。”一位交易員說。

On-chain data shows that in the days leading up to the crash, millions of OM tokens were sent to centralized exchanges OKX and Binance. One address linked to Binance reportedly transferred over $36 million in OM to OKX in a sequence of moves that some now view as strategic positioning ahead of the collapse.

鏈上的數據顯示，在墜機事故發生的幾天裡，數以百萬計的OM令牌被送往集中式交換OKX和Binance。據報導，與Binance相關的一個地址將超過3600萬美元的OM轉移到OKX中，以一系列舉動，其中一些人現在將其視為倒塌之前的戰略定位。

Related: 9+ Best High-Risk, High–Reward Crypto to Buy in April 2025

相關：9+最佳高風險，高級獎勵加密貨幣將於2025年4月購買

Will $OM Crypto and Mantra DAO Survive The Project Implosion?

$ OM Crypto和Mantra Dao是否可以倖免於該項目的內爆？

These events coincide with the Mantra DAO’s recent legal challenges. Six members were ordered by a Hong Kong court to disclose financial records in an ongoing lawsuit alleging misappropriation of DAO funds—raising further questions about internal governance and accountability.

這些事件與咒語道的最近法律挑戰相吻合。香港法院命令六名成員在持續的訴訟中披露財務記錄，指控挪用了DAO資金，這加劇了有關內部治理和責任制的進一步問題。

Just two months ago, Mantra appeared to be performing well. The project secured a virtual asset license from Dubai’s VARA and announced a $1 billion tokenization deal with real estate giant DAMAC. Now, with investor confidence shattered and key infrastructure offline, the future of OM appears uncertain.

就在兩個月前，咒語似乎表現良好。該項目從迪拜的Vara獲得了虛擬資產許可證，並宣布了與房地產巨頭Damac達成10億美元的令牌化協議。現在，隨著投資者的信心破壞了關鍵的基礎設施，OM的未來似乎不確定。

It remains to be seen whether the team can stabilize the project or whether this marks the beginning of another overly-leveraged fantasy.

團隊是否可以穩定該項目，還是這標誌著另一個過度槓桿化的幻想的開始還有待觀察。