Mantra CEO JP Mullin has attributed the dramatic drop in OM’s price to forced liquidations initiated by centralized exchanges. On April 13, the Mantra token (OM) price plummeted over 90%, dropping from approximately $6.30 to below $0.50 in just a few hours.
On April 14, Mullin addressed a sudden wave of liquidations during low-liquidity hours on Sunday evening UTC, which intensified the market’s reaction and led to a sharp price decline. He clarified that this sell-off was unrelated to token sales by the Mantra team or its investors, as the project’s vesting schedule still locks OM tokens. Mullin emphasized Mantra’s long-term commitment to its growth and goals, encouraging the community to continue their support.
Sherpas, OMies, and broader crypto community,
First off, the team and I greatly appreciate the support that we have received over the past several hours, which we believe is a testament to the strong support MANTRA has among its investors and community.
We have determined that…
— JP Mullin (🕉, 🏘️) (@jp_mullin888) April 13, 2025
However, independent analysts have raised differing views. Crypto analyst Max Brown suggested that the sell-off may have been triggered when a wallet, believed to be linked to the Mantra team, deposited 3.9 million OM tokens on OKX. Given that the team controls nearly 90% of the token’s total supply, this move sparked concern in the market and led to the subsequent sell-off.
MANTRA CHAIN $OM CRASHED 90% IN AN HOUR AND $5.5 BILLION GOT WIPED OUT.
HERE’S HOW AND WHY IT COULD HAVE POSSIBLY HAPPENED 🧵
IT ALL STARTED YESTERDAY WHEN A POSSIBLE $OM TEAM WALLET DEPOSITED 3.9 MILLION OM TOKENS ON OKX.
IT WAS WELL KNOWN IN THE CRYPTO SPACE THAT OM TEAM… pic.twitter.com/9ZQNw4Yrla
— Max Brown (@MaxBrownBTC) April 13, 2025
Despite these challenges, Mantra has remained focused on expanding its presence in the blockchain space. Launched as a regulatory-compliant layer-1 blockchain aimed at real-world assets, the project has made headlines recently due to its strategic partnerships and regulatory advancements. In January, Mantra secured a $1 billion deal with real estate giant DAMAC to tokenize assets. Moreover, Dubai’s VARA granted Mantra a virtual asset service provider license in February, enabling it to operate legally in the UAE.
In another significant development, Mantra has partnered with UAE real estate developer MAG to tokenize $500 million in real-world assets. This collaboration will utilize Mantra’s blockchain technology and MAG’s presence in the UAE real estate market, aiming to create new investment opportunities in the tokenized real estate sector in the Middle East.
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