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Recently, we witnessed a sharp decline in the price of OM Coin, which has dropped by over 90%. Currently, it remains well below the $6 mark. Unfortunately, Mantra officials have not provided satisfactory explanations, leaving the drop unaddressed. This situation has also triggered additional concerns within the market.
Warnings for Cryptocurrency Traders
This week, we highlighted the potential for significant losses in low-liquidity altcoins during sudden price drops. Now, this anticipated scenario is unfolding. The decline in OM Coin, which has been exacerbated by the drop of ZK Coin, highlights the risks that are now manifesting across various altcoins with large liquidations. For instance, LUCE has experienced a decrease of over 70%.
Moreover, the losses are not limited to LUCE. We are also witnessing sudden crashes of numerous lesser-known meme coins on the Bybit exchange. Coins such as MANEKI, JELLYJELLY, AIDOGE, and others are rapidly increasing their losses as a result of significant sell-offs likely triggered by whale liquidations. Traders must remain cautious, especially with cryptocurrencies that lack solid fundamentals and exhibit high volatility risks.
In a related video, we provided more details on this issue, along with warnings about correctly setting stop-loss levels this Wednesday. The ongoing market conditions necessitate that investors stay informed and adapt their strategies accordingly to navigate these turbulent times.
