The native token of Mantra’s real-world asset blockchain, OM, has plunged by more than 90% in the last 24 hours. On April 13, the OM price fell from around $6.2 to below $0.43, which caused the market cap to decline by more than $6 billion.
This has left the traders stunned, and there are some who are terming the event as a rug pull. Market investor Gordon said on X, “This needs to be fixed or OM may go to zero – biggest rug pull since LUNA/FTX.” However, the real reason behind the crash is still unclear.
Mantra co-founder JP Mullin responded on X, stating that the team is not abandoning the project. “We are here and not going anywhere,” Mullin said, sharing a wallet address holding the team’s OM tokens. Mantra blamed the crash on “reckless liquidations,” not team activity.
The collapse comes just months after Mantra made big moves in the Middle East. In January, it signed a $1 billion tokenization deal with real estate giant DAMAC. By February, Mantra had secured a virtual asset service provider license from Dubai’s VARA, allowing it to operate legally in the UAE.
Mantra had aimed to lead the growing demand for tokenized real estate and physical assets. But now, the future of OM and investor confidence in the project hang in the balance.
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