OM Coin Plummets: The Crypto Catastrophe No One Saw Coming!

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Picture this: the crypto world, usually a circus of chaos, was sent into a tailspin as OM, the token of the MANTRA project, decided to take a nosedive so spectacular it could make a skydiver blush. Over 90% of its value vanished faster than a magician’s rabbit, wiping out a jaw-dropping $6 billion. Crypto analysts Sjuul from AltCryptoGems and StarPlatinum have spilled the beans on how red flags, team control, and shady backroom deals turned this into what some are calling “LUNA 2.0.” Was it an inside job? Let’s dive into the madness. 🕵️‍♂️

But wait! In a statement that reeked of desperation, the firm insisted it wasn’t an inside job and promised to fix the mess. MANTRA’s co-founder, John Patrick Mullin, chimed in with a classic “Don’t panic!” while they investigate. Sure, John, we’ll just sit tight while our wallets cry. 😭

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

Sjuul’s Breakdown: Manipulation and OTC Deals Led to Collapse

According to Sjuul, the crash was set off when a wallet linked to the MANTRA team dumped 3.9 million OM tokens onto OKX. This raised eyebrows faster than a unicyclist at a funeral, especially since the team controls nearly 90% of the token’s supply. With that kind of power, they could sneeze and crash the market. And crash it they did. 💥

4/ So when that large token deposit hit OKX, people started to worry that a big sell-off was coming.

And they were right.

Selling pressure began shortly after.

— Sjuul | AltCryptoGems (@AltCryptoGems) April 13, 2025

Sjuul pointed out that trust in the OM community had been as shaky as a Jenga tower for the past year. The team allegedly manipulated the market using market makers, secretly tweaked tokenomics, and kept delaying a promised community airdrop. These shenanigans had everyone on edge. 🤨

But the real kicker was the rumors of OTC deals, where tokens were reportedly sold at massive discounts, some up to 50% off. When the price started to slide, even these investors bolted like rats from a sinking ship. Stop-losses were triggered, leveraged positions liquidated, and within an hour, the price plummeted 90%, leaving investors with nothing but ashes. 🔥

StarPlatinum’s Analysis: Airdrop Scandal and Vanishing Act

StarPlatinum, another crypto analyst, called it a disaster on the scale of LUNA. He pointed to the team’s controversial airdrop incident just a month ago, where over 50% of eligible wallets were suddenly blacklisted without explanation. This move alienated the community faster than a bad breakup. 💔

It all started when a wallet linked to MANTRA sent 3.9M $OM to OKX

That caught attention fast

Because the team controls 90% of the supply

Meaning they can crash the price anytime

(2/9)

— StarPlatinum (@StarPlatinumSOL) April 13, 2025

He also highlighted the team’s quiet changes to tokenomics, founder inactivity, and rumors of price control through market makers. When the wallet transfer to OKX happened, it triggered widespread fear. As news of the OTC deals spread, panic selling began. In one hour, OM crashed from $7 to just $0.50. 📉

To add insult to injury, the OM Telegram group was deleted right after the crash. The final message before deletion likened the event to “LUNA 2.0.” Since then, the team has gone silent, leaving everyone in the dark. 🌑

Don’t Ignore Red Flags

Both analysts agreed on one thing: when a token is overly centralized, lacks transparency, and constantly shifts its rules, danger is never far behind. The OM crash serves as a brutal reminder to always research before investing. Or better yet, maybe just stick to collecting stamps. 📬

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2025-04-14 07:12