Mantra (OM) bounced back, making impressive 200% gains after the token was in dire straits. The token took a headlong dive as it crashed from $6.2 to $0.5, losing 90% of the market cap, in 24 hours, on April 13. However, on April 14, 2025, the token reached $1.10 from its lowest price of $0.37, recording impressive gains after the Mantra co-founder, John Mullin, stated, “We have determined that the OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders.” on X platform.
Although there is no clarity as to what caused this tragic downfall, however, a Research Analyst who goes by the pseudonym Choze attributed this incident to the Terra Luna crash and named it as Terra Luna V.2. In the tweet, the analyst stated, “For those wondering, the $OM team dumped their entire allocation. That’s 90% of the total circulating supply, gone. They also deleted Mantra’s official Telegram group. Just like that, $3.5 billion in market cap vanished.”
Nonetheless, Mullin turned down the allegations and stated,
“-The TG was not deleted.
– The Team tokens all remain in custody, verifiable at this address – mantra1yejpacug78zuqkzwwuc94c0a2al4mz4yfqquam
– We are actively figuring out why these massive forced liquidations occurred and will provide more info ASAP.
– We are here and not going anywhere.”
