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Mantra Team Tries to Explain 80% Token Crash, But The Community Isn’t Buying It!

BBG News

The Mantra team has, as expected, come forward to address the crypto community, following the cataclysmic drop of over 80% in the Mantra (OM) token’s value over the last 24 hours. Naturally, their announcement was met with mixed emotions—concern, skepticism, and perhaps a dash of conspiracy theory—as the community speculates that this might just be a rug pull in the making, considering the team holds a significant chunk of the token’s total supply.

The Team’s Grand Reassurance

In a tweet (yes, of course, where else would it be?) the Mantra team hastened to assure the community that, despite the nosedive, the token was still “fundamentally strong.” “Reckless liquidations,” they claimed, were to blame for the catastrophic fall, and—of course—it had absolutely nothing to do with them. A reassuring declaration, no doubt, but could it be that a bit of spin is involved here?

In another burst of optimism, they emphasized that no, this wasn’t a prelude to some kind of team exit. They’re “looking into it,” they said, and promised more information would be forthcoming. Oh, how comforting. Stay tuned, folks!

Meanwhile, the co-founder of the project, the ever-busy John Patrick Mullin, tweeted further clarification. Apparently, a massive forced liquidation from a “large OM investor” on a centralized exchange was the culprit behind the crash. But Mullin was coy about which exchange it was, leaving us to wonder: Was it one of the major players, or just some small-time operation we’ve never heard of? Mystery abounds!

But wait, Mullin wasn’t done. He went on to clarify that no, they didn’t delete their Telegram channel (phew!) and, for added credibility, he graciously provided a wallet address for community members to verify that their team’s tokens were safely locked away in custody. Because nothing says “trustworthy” like a random wallet address in the wild! 🙄

And to wrap up, the Mantra co-founder reassured everyone, with the heartfelt sincerity of a man who knows his team’s survival is at stake, that they were actively investigating the reasons behind the massive liquidations and would update us “soon.” Trust them, folks—they’re not going anywhere. Or are they? Who can say?

The Price Plunge—A True Masterpiece

According to the ever-reliable CoinMarketCap, the Mantra price dropped by a truly staggering 80% in just 24 hours. The token plummeted from a high of $6.30 to a miserable $0.40, but, miraculously, it has managed to claw its way back to $1 following the reassuring statement from the team. Victory! Or… is it?

Despite the team’s soothing words, some community members are having none of it, convinced this was all part of a well-executed rug pull. After all, the team holds a significant portion of the token’s supply—what could go wrong? A well-known crypto commentator, Sjuul, even compared the OM token to LUNA from the last cycle. If you know, you know. 😬

One theory floating around in the murky waters of crypto rumor mills is that the crash started when a wallet—presumed to be linked to the team—deposited a hefty 3.9 million OM tokens onto the OKX crypto exchange. Predictably, this sparked an avalanche of selling, sending the token’s price plummeting faster than a lead balloon.

But, as always in the world of crypto, there’s more drama to be had. The broader market, already in a slight downtrend, took another hit after US President Donald Trump debunked rumors of tariff exemptions. This comes right after the market had experienced a brief, fleeting surge, triggered by reports that Trump had, indeed, exempted certain tech items like computers, phones, and chips from tariffs on China and other nations. Oh, crypto, you are nothing if not a rollercoaster. 🎢

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2025-04-14 02:20

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