The native cryptocurrency of a real-world asset-focused project dramatically crashed by nearly 90% on Sunday, wiping out billions of dollars worth of investors’ fortunes.
What happened: The OM token of Layer-1 blockchain MANTRA nosedived from $5.26 to $0.42 in 90 minutes in the afternoon. The sudden plunge erased a whopping $4.6 billion from the coin’s market capitalization.
Moreover, the crash triggered liquidations of over $68 million for OM in the last 24 hours, according to Coinglass.
According to Lookonchain, about 17 wallets transferred $227 worth of OM tokens to exchanges, accounting for 4.5% of the circulating supply. Two of these addresses belong to Laser Digital, a “strategic” investor in MANTRA.
Who dropped the price of $OM?Before the $OM crash(since Apr 7), at least 17 …Full story available on Benzinga.com
