Mantra’s OM token nosedives 90%, shaking investor confidence
The cryptocurrency market was thrown into disarray as Mantra DAO’s OM token plunged by 90 per cent within 24 hours, erasing nearly $6 billion in market value and sparking fresh concerns about stability across the digital asset space.
Once trading at around $6, OM tumbled to $0.37 on April 13, 2025, before staging a fragile recovery to approximately $0.80, according to CoinMarketCap data.
The crash has triggered outrage and speculation, with investors blindsided by the token’s swift collapse.
Mantra DAO’s leadership attributed the sharp downturn to forced liquidations by centralised exchanges during low-liquidity hours, denying any involvement from the project’s team or insiders.
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Chief among the allegations is a wallet-linked deposit of 3.9 million OM tokens on OKX, which analysts believe ignited the sell-off amid concerns over the Mantra team’s control of nearly 90 per cent of the token supply.
Despite firm denials from Mantra’s executives, the incident has left a bruised community grappling with trust issues and has highlighted ongoing concerns over centralised exchange practices and market manipulation in the crypto industry. Mantra DAO, which recently secured a $1 billion asset tokenisation deal with DAMAC and a regulatory licence from Dubai’s VARA, now faces mounting pressure to stabilise the token and restore investor confidence.
