In recent hours, an array of intriguing developments unfolded, with the significant fluctuation of the OM Coin price being a focal point. MANTRA (OM), boasting a market capitalization in the billions, experienced a sudden decline exceeding 90%. At the time of writing, the team released a last-minute announcement addressing the situation.
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Rumors circulated alleging that the project team had abandoned the initiative, alongside speculation about a market maker’s exit. Zach indicated that the recent hacking incidents involving major wallets might be linked to this price drop.
However, according to MANTRA’s urgent announcement, the drop is unrelated to the project or its team. If the announcement is perceived as convincing, the price, which fell from around $6 to approximately $0.4, could attempt to rebound above the $1 mark.
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“We want to assure you that MANTRA is fundamentally strong. Today’s activities were triggered by reckless liquidations, unrelated to the project. We want to be clear: this was not our team. We are investigating the matter and will share more details as soon as possible.”
Investors need to be aware of the risk of further declines before making purchases. High volatility often translates to substantial losses.
Update at 00:08: MANTRA’s co-founder made the following statement;
“Guys, I just woke up and am getting a complete summary of what’s happening. There was a large forced liquidation from a major OM investor on a CEX. We are still working on the details, but we are here and fixing this.”
Thank you for your understanding.”
