Key Takeaways
- The price of Mantra (OM) crashed from a region of $6.7 to a low of $0.5 as the crypto space got heated on a potential rugpull.
- JP Mullin clears the air on his X account, suggesting the OM team is not the culprit as the team’s vesting period remains active.
- A crypto trader on X complained of losing over $15M in a recent price crash by OM in the early hours of Sunday, April 13th, 2025.
Sunday, April 13, 2025, saw what looked like a market rugpull by Mantra (OM), one of the best-performing crypto assets in the top 50 positions by market cap. Witness the price drop by over 90% in a few hours from a region of $6.77 to a low of $0. 6, leading to panics and questions on crypto X (formerly crypto Twitter).
This market crash of one of the favourite crypto assets of many investors and traders who are huge admirers of real-world assets (RWA) saw its market cap plummet from over $5 billion to a region of $670 million, with speculation hinting that the price could still go lower.
Despite the unfortunate incident, many traders believe the Mantra (OM) project and its community would rally behind the crypto token to bring it back to where it belongs. The team remains solidly focused on building and squashing rumours of dumping on its community.
On his official X account, John Patrick Mullin, co-founder of Mantra, wrote a press statement highlighting this act leading to the OM crash as “reckless forced liquidations” by centralized exchanges (CEXs) during low-liquidity hours corresponding to early hours of Sunday Asian time.
JP Mullin further hinted that Mantra (OM) team is not behind this act, as all Mantra (OM) tokens remain locked and subject to published vesting periods by OM tokenomics and token reports. He also suggests that all wallet addresses and transactions are publicly traceable online.
His press statement also highlighted that Mantra (OM) had survived many crypto bear markets when others stopped building their teams, and the community continued to build, showing commitment to its project. In the coming hours, the community will connect on X spaces to discuss the way forward.
Crypto exchanges such as Binance and OKX have also expressed support for Mantra (OM), as its team is available to help in any way possible. This event has generated wild expressions in the crypto space and on X.
Crypto Experts Reactions To Mantra (OM) Market Crash
On-chain data from Lookonchain suggest multiple transactional deposits on crypto exchanges for OM tokens before the subsequent price crash, leading to accusations focused on Binance and OKX.
Binance customer support has put out a press release on the recent development of OM as it has warned its community of extreme volatility, with the Binance team taking precautionary measures since October 2024.
This significant price crash by Mantra (OM) has led to widespread speculation of a possible rug pull, resulting in millions of dollars being wiped out within a few hours of the market crash.
Crypto trader Alejandro, on his X account, highlighted how he lost over $15M in the Mantra (OM) crash. This has generated more controversial tweets under his thread as more stories surrounding the Mantra (OM) price crash continue. crash. This has generated more controversial tweets under his thread as more stories surrounding the Mantra (OM) price crash continue.
