The Mantra Team Has Addressed the Crypto Community Following the Mantra (OM) Token Price Crash

The Mantra team has addressed the crypto community following the Mantra (OM) token price crash of over 80% in the last 24 hours. Despite the statement

The Mantra (OM) token price has crashed by over 80% in the last 24 hours, leaving the crypto community in shock. Despite the Mantra team addressing the community, some members are still concerned that this might have been a rug pull by the team, which has a huge amount of the token’s total supply.

Mantra Team Addresses Community Following Token Crash

The Mantra team has assured the community that the token is fundamentally strong despite the crash that occurred in the last 24 hours.

The team blamed the crash on reckless liquidations and had nothing to do with the project. They are looking into the Mantra price crash and will share more details about what happened as soon as possible.

Project’s co-founder John Patrick Mullin further revealed that there was a massive forced liquidation from a large OM investor on a Centralized Exchange (CEX).

Mullin also tries to set the record straight, stating that they didn’t delete the Telegram channel. He further remarked that the team’s tokens all remain in custody and provided a wallet address (mantra…..quam) for community members to verify this claim.

He concluded by saying that they are actively figuring out why these massive forced liquidations occurred and will provide more information as soon as possible. They are still here and not going anywhere.

Some Community Members Still Believe It’s A Rug Pull

Amid this statement, some community members seem convinced that this was a rug pull, as the team has a huge amount of the token’s total supply. Crypto commentator Sjuul described the OM token as the LUNA of this cycle.

He further explained why the community believes the crash was a rug pull, stating that the crash began when a wallet believed to be connected to the team suddenly deposited 3.9 million OM tokens to the OKX crypto exchange. This deposit led to significant selling pressure, which caused the Mantra price to crash.

Besides the token’s crash, the broader crypto market is witnessing a downtrend following US President Donald Trump’s statement in which he debunked reports of an exemption.

News data source: kdj.com

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