The price of Mantra (OM) token has fallen over 90% in just 24 hours, dropping from around $6.3 to below $0.50. The collapse has raised alarms among traders, with some alluding to a potential rug pull. Despite reaching out for comment, the reasons behind this sharp decline remain unclear. This price drop adds to the growing list of issues faced within the crypto space, including previous high-profile collapses and cybersecurity breaches.
In a shocking turn of events, the Mantra (OM) token has seen its price plummet more than 90% over just 24 hours. Once perched at around $6.30, the token now trades below 50 cents, marking a staggering loss in its $6 billion market cap. This dramatic drop has traders buzzing, with some suggesting a possible ‘rug pull’—an unsettling term in crypto disasters.
Gordon, a market investor, expressed his concerns, saying, “[The] team needs to address this or OM looks like it could head to zero, biggest rug pull since LUNA/FTX?” However, the exact trigger for this sudden downturn remains shrouded in uncertainty. Cointelegraph reached out to the Mantra team for clarification, but alas, no reply surfaced before hitting deadline.
This incident follows a series of troubling events in the crypto realm, including the catastrophic fall of the Libra memecoin and the Bybit hack that siphoned off a staggering $1.4 billion. These events continue to haunt investors, accumulating billions in losses just in the early months of 2025.
Amidst these turbulent waters, Mantra had previously been making waves with its ambitious initiatives to tokenize real-world assets. Recently, in January 2025, they struck a significant $1 billion deal with investment giant DAMAC, intending to tokenize a host of assets from real estate to data centers on its blockchain.
Moreover, Mantra has secured a virtual asset service provider license from Dubai’s Virtual Assets Regulatory Authority (VARA) in February 2025. This license empowers them to offer digital asset services across the UAE—everything from running crypto exchanges to advising investments. Such expansion marks Mantra’s efforts to tap into the booming demand from local real estate investors and developers eager for innovative funding solutions.
With blockchain providing faster finality, lower costs, and seamless cross-border functionality, it’s no wonder many are diving into this new frontier. They see great potential for securing investments and forming capital in this evolving landscape.
The recent collapse of the Mantra (OM) token has sent shockwaves through the crypto community, highlighting the fragility of digital assets. With its price dropping over 90% and speculation around a potential rug pull, resident fears of instability have resurfaced. This comes alongside a growing array of blockchain initiatives, such as partnerships to tokenize real-world assets and the acquisition of licenses for broader operations. As investors continue to seek viable opportunities, the future of the OM token remains uncertain, but its rapid fall serves as a stark reminder of the risks inherent in cryptocurrency investments.
Original Source: cointelegraph.com
