Quick Take: Mantra Token Collapses Over 90% in Hours Amid Manipulation Allegations
The price of OM, the native token of the Mantra blockchain, dropped over 90% within 24 hours, falling from approximately $6.30 to below $0.50. The collapse erased nearly $6 billion from its market capitalization.
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Key Figures:
- Previous price: ~$6.30
- Lowest recorded price (April 13): ~$0.37
- Current price (as of reporting): ~$0.60
- Peak price (2024): ~$9.00
- Previous market cap: ~$6 billion
- Current market cap: ~$485 million
What happened:
- Posts on X alleged that the Mantra team or insiders sold off a large portion of the token’s circulating supply, with some claiming up to 90% was dumped.
- Others noted delays in a planned 50 million OM airdrop and restricted access to Mantra’s Telegram channel during the crash.
Some users claim to have already lost millions of dollars because of the token price dump:
Is Mantra Team Dumping?
- Co-founder John Mullin attributed the price drop to a “massive forced liquidation” on an undisclosed exchange.
- Mantra’s community lead Dustin McDaniel cited “reckless liquidations” as the cause of the collapse.
- Mullin also stated via X (formerly Twitter) that the team is still operational and not exiting the project.
- The team shared a verification address claiming custody of team tokens and denied internal dumping.
Mantra’s official Telegram group was closed to new members during the incident.
Background
Mantra is a blockchain project focused on real-world asset (RWA) tokenization. It previously announced a $1 billion tokenization partnership with DAMAC Group and received a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) in February 2025.
This is a developing story: Quick Take: Mantra Token Collapses Over 90% in Hours Amid Manipulation Allegations
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