咒语（OM）灾难性价格崩溃引起了有关潜在内部活动和价格操纵的立即危险信号

作为回应，鲸鱼已经卖掉了他们的股份，暗示最有知情的钱包正在降级风险。但是，行业专家充满信心，这一集只是现实世界中资产（RWA）市场的长期整合中的打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.

周一，咒语（OM）的灾难性价格崩溃几乎毫无价值，引发了人们对潜在的内部活动和价格操纵的立即担忧。

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.

作为回应，鲸鱼已经出售了他们的股份，暗示最有知识的钱包是偏离风险的，而行业专家则确信，这一集只是对现实世界中资产（RWA）市场的长期合并中的麻烦。

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与Blocksquare，Credefi和Quanthive的专家进行了交谈，讨论了令牌崩溃期间出了什么问题，后果以及它如何影响当前对令牌资产的热情。

The Price Crash

价格崩溃

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.

周一，咒语（OM）代币遭受了灾难性的价格崩溃，在不到一个小时的时间内下降了90％以上，并消除了超过55亿美元的市值。突然的撞车事故使OM从6.33美元的高价降至低于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.

据称，由于咒语团队持有近90％的代币供应量，该行动立即引发了人们对可能内部交易和价格操纵的担忧。

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.

链上的数据显示，从据称与咒语团队相关的钱包中，有390万个OM令牌向OKX交易所存入。这笔大量押金立即在投资者社区内提出了危险信号。主要问题是该团队正在准备大规模抛售。

“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.

“这似乎是一种经典的透明度较低的经典案例，以达到高集中的风险。向集中式交流（尤其是被认为与核心团队相关的人）的显着代币转移可以在任何市场上引起恐慌，更不用说已经处于边缘的恐慌了，” Credefi的首席执行官Ivo Grigorov告诉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.

代币在仅12个小时内就经历了迅速的强迫清算浪潮，达到了6697万美元，从而促进了OM的失败。据报道，咒语团队对OM的供应保持了重大控制，在一个钱包中持有多达90％的90％（约7.92亿个令牌）。

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.

结果，只有一小部分用于公共交易，使代币容易受到巨大销售压力的影响，并引起了对内部活动的急剧关注。

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.

根据Quanthive的最新数据，该数据是一个经常监视区块链活动并跟踪领先的“ Alpha”交易者的合并运动的AI交易平台，OM令牌周围的情感发生了强烈的转变。

Impact on Investor Confidence

对投资者信心的影响

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

在周一的活动之后，投资者对咒语项目的信心似乎受到严重损害，该项目的未来似乎黯淡。

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钱包通常是OM的净蓄能因子，这是信号信心。但是，自从倒台以来，在过去的48小时内，第四小时观察到超过250万美元的OM出售，而购买了160万美元。这个枢纽表明，协调的出口或对经验丰富的球员中项目的恢复缺乏信心。

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].

同时，价格崩溃的消息引起了该项目的重大关注。结果，在过去两天中，OM令牌周围的链链牵引力大大增加。然而，尽管嗡嗡作响，但Quanthive的平台流情绪信号转移到了[恐惧，不确定性和怀疑]。

"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的营销和社区领导者Felix Huang说：“这是由多种因素（包括价格崩溃的速度和幅度，核心团队的举动的速度和幅度）产生的，以及链上不断发展的事件，这些事件受到机构和零售商人的密切监控。”

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

同时，大型投资者大大退出了市场。

What do the Whale Sell-Offs Mean?

鲸鱼抛售是什么意思？

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.

在咒语情节中，发生了大量抛售，似乎是由大型持有人的大量销售发起的。区块链分析公司LookonChain至少跟踪了17个钱包，这些钱包从4月7日开始，将4360万个OM令牌存放在价值2.27亿美元上。

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.

该卷占OM循环供应的4.5％，强调了主要投资者的重大卸载活动。根据黄的说法，这些数据很重要，表明鲸鱼正在减少其对咒语的暴露。

“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.

他解释说：“数据表明，最知情的钱包目前正在危险中。这是对整个惨败的反应。无论原因是什么，零售和机构观察者都应谨慎行事 - 鲸鱼已经说话了，就目前而言，他们正朝着出口前进。”

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

鉴于对项目基本面的担忧长期增加，可以很容易地得出这一结论。

Early Signs of Mismanagement

施法不善的早期迹象

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)

在去年，有人指责咒语团队使用做市商操纵令牌的价格，改变了代币的经济结构，并反复推迟社区空调。报告还浮出水面，表明咒语可能参与未公开的非处方（OTC）