The value of the Mantra (OM) token, the native cryptocurrency of the Mantra real-world tokenized asset blockchain, has collapsed by over 90% within the final 24 hours.
On April 13, Mantra fell from a value of roughly $6.3 to beneath $0.50 and shed over 90% of its $6 billion market cap.
Mantra token market cap and overview. Supply: CoinGecko
Merchants are characterizing the token collapse as an obvious rug pull. Market investor Gordon wrote: “[The] workforce wants to handle this or OM appears to be like prefer it may head to zero. Largest rug pull since LUNA/FTX?”
Nevertheless, the precise motive for the collapse of the OM token’s value just isn’t clear on the time of this writing.
Associated: Mantra unveils $108M fund to again real-world asset tokenization, DeFi
This can be a growing story, and additional data can be added because it turns into obtainable.