Mantra (om)a rapidly growing crypto project, suddenly broken up by more than 90 % on Sunday evening.
The course fell from $ 6.14 to $ 6.14 within a few hours-a development that is based on the notorious collapse of Terra (Luna) in 2022.
At the time of writing, the course seems to be stabilized at around $ 0.70.
What is mantra?
Mantra was founded in 2020 and is a crypto project that aims to link digital currencies with tangible assets such as real estate.
The project focuses on the regulated introduction of Real-World Assets (Rwa) and received a license from Dubais in February Virtual Assets Regulatory Authority (Vara).
Previously, Mantra had completed a deal of $ 1 billion with the real estate company Damac in order to token its assets.
Why does this cryptocurrency crash?
According to the team itself, the reason for the crash is in “Ruthless liquidations” on centralized stock exchanges.
Co -founder John Patrick Mulllin speaks From a massive, sudden closure of positions – without warning or Margin Call.
The crash also occurred at a time with a low trading volume – on Sunday evening (Monday morning in Asia) – which exacerbated the effects.
However, some analysts also refer to the mass shift of large amounts of OM-token on stock exchanges in the run-up to sales.
Loud The Blockchain analysis platform Lookonchain has been identified since April 7, at least 17 wallets that have together sent 43.6 million OM on stock exchanges-this corresponds to 4.5 % of the total circulation.
Reaction of the Mantra team
The mantra team denies any participation in one “Rug pull” Or a coordinated sales campaign. According to Mulllin, the team tokens are still closed and publicly visible on the blockchain.
“We are here, we don’t disappear. This is not the team’s action,” said Mullin.
However, the team admits that a certain stock exchange may be responsible for the liquidations, but does not yet give a name. In any case, Binance is not, says Mullin.
The mantra community is now waiting for further explanations of the team that promised to soon come to the public with more details in an online meeting.
The OM course had in February Another all-time high of $ 8.99 is now over 92 % below.