An unexpected development has occurred in the cryptocurrency world. Mantra token has experienced a staggering value loss of over 90% in the last 24 hours, shocking investors. This collapse resulted in more than $5 billion being wiped off its market capitalization overnight. Experts are comparing this situation to the collapses of LUNA and FTX, labeling it as one of the largest losses in cryptocurrency history. This significant cryptocurrency value loss has raised concerns among market participants.
The price of Mantra’s OM token plummeted from $6.30 on April 13 to below $0.50 within a single day. This dramatic decline has led to a loss of more than 90% of the cryptocurrency’s total market value. Some investors have described this situation as a “rug pull,” with comments on social media platforms stating it is “the largest rug pull since LUNA/FTX.” A rug pull refers to a scenario where the value of a digital currency is wiped out as the creators withdraw all their assets. The previous collapse of the Luna crypto network resulted in an estimated loss of $60 billion. However, the exact cause of Mantra token’s sudden value loss remains unclear.
Strong Message from Mantra’s Founder: “We Are Here”
JP Mullin, the co-founder of Mantra, has made statements regarding the collapse of the OM token. Mullin emphasized that the project’s Telegram group is still active and that the team’s tokens are under control.
In a post on the social media platform X, Mullin reassured investors by stating, “We are here and we are not going anywhere.” He also provided a verification address for Mantra’s OM tokens.
Earlier this year, Mantra and investment holding DAMAC signed a $1 billion agreement to convert some companies’ assets into Mantra tokens. Additionally, the company took a significant step by obtaining a virtual asset service provider license from the Dubai Virtual Asset Regulatory Authority (VARA) in February. While these developments paint a promising picture for Mantra‘s future, the recent cryptocurrency value loss continues to create uncertainty among investors.
