NiftyNoon: Is the MANTRA $OM Crash this Cycle’s Terra Luna? 🌎Ⓜ️📉
The price of OM, the native token of Mantra, plummeted over 90% in 24 hours, wiping out over $5.5 billion in market cap (14 April 2025)
Nifty Thought:
The price of OM, the native token of MANTRA, plummeted over 90% in 24 hours, wiping out over $5.5 billion in market cap. While some traders suspect a rug pull, MANTRA co-founder John Patrick Mullin denies foul play, citing that team tokens remain in custody. He and the team attributes the collapse to “reckless liquidations” and “forced closures”. However, this explanation has not been accepted by the wider crypto market. This is in large part due to reports that a wallet from LaserDigital (affiliated with the Japanese banking firm Nomura) deposited $41 million USD worth of $OM into the OKX centralized exchange a few days ago. While some onchain data suggests this wallet is affiliated with LaserDigital, the firm has since denied these claims and any involvement with this token price crash. There were also rumors that the MANTRA team had sold $OM in private OTC deals to buyers at a 50% discount recently as well. The leading theory on crypto twitter is that these OTC buyers were spooked by immediately being in loss following the mass liquidation of this $OM OKX depositor OKX and begun liquidating their $OM positions as well to cover their losses. Without sincere market demand to buy these sold coins, this cascade led to a sharp crash in token price. The crash comes just months after MANTRA announced a $1B tokenization partnership with DAMAC and secured a VARA license in Dubai to offer digital asset services in the UAE, where it has been expanding its tokenized real-world asset operations.
Highlighted News:
📉 $6B+ wiped out from $OM within 30 minutes:
https://x.com/AltCryptoGems/status/1911518603419287715
⚡ Addressing recent speculation around Laser Digital’s involvement in the price action of $OM (Mantra) @MANTRA_Chain:
https://x.com/laserdigital_/status/1911723834459177266?s=46
🎙️ Mantra responds to discussions regarding token price crashing with highly controversial statement on the dump being caused by “reckless liquidations”:
https://x.com/MANTRA_Chain/status/1911522720623530311
⚠️ Mantra founder and CEO reiterates official position that $OM dump was caused by “reckless forced closures”:
https://x.com/jp_mullin888/status/1911559071263822020
🤔 @beast_ico comments on Mantra TVL and chart crash:
https://x.com/beast_ico/status/1911526210880127214
🦓 Opepen Set "Zoopepen" reveal provenance thread:
https://x.com/opepenedition/status/1911139533074080013?s=46
🦹🏻♂️ Binance Founder CZ gave evidence against Justin Sun as part of DOJ plea deal, WSJ claims:
https://x.com/cz_binance/status/1911017852255048110?s=46
Project and Community News:
How did we go from tariffs being "refunded" back to April 5th to "there was no tariff exception announced on Friday" within 48 hours: https://x.com/KobeissiLetter/status/1911510388480655487
Commerce Secretary Lutnick says electrotonic products will have "special tariffs" coming soon: https://x.com/kobeissiletter/status/1911416667902505022?s=46
Top Fed official says the Federal Reserve is ready to help stabilize the market if needed: https://x.com/watcherguru/status/1910750627015122983?s=46
130 countries now negotiating new trade deals with the US, White House says: https://x.com/watcherguru/status/1911424184573440122?s=46
$UNI reward incentives are heading to the wstETH/ETH pool on Unichain: https://x.com/lidofinance/status/1910958613083959766?s=46
Trump's World Liberty(@worldlibertyfi) spent 775K $USDC to buy 4.89M $SEI again 1 hour ago: https://x.com/lookonchain/status/1910919644309053581?s=46
Mysterious whale/institution accumulated 15,953 $ETH($26.16M): https://x.com/lookonchain/status/1911614837442158913?s=46
Ross Ulbricht announces he will be making his first public appearance and speech since release from prison at @TheBitcoinConf in Las Vegas: https://x.com/realrossu/status/1910391357962936547?s=46
Andrew Kang just doubled his Bitcoin position: https://x.com/arkham/status/1911124024068813099?s=46
Here are the top 20 chains by capital velocity (24vol:tvl): https://x.com/0xbreadguy/status/1911097948903260376?s=46
The total fees for buying 1 spot BTC, based on the starting fee tier, would cost: https://x.com/hyperunit/status/1910728034656596205
April 17th will be the day users receive their Season 1 rewards, airdropped directly in their claim wallets: https://x.com/magicedencomm/status/1910352197532934385?s=46
"Zoopepen" by Zoopepen, and 25 co-creators 34x Consensus 2,730% Opt-ins from 412 Holders: https://x.com/opepenedition/status/1911138219506229452?s=46
VADERAI x VIRTUALS Strategic Partnership: https://x.com/vaderresearch/status/1910604998272266746?s=46
The Digital Art Day Auction is now LIVE and closes April 16 at 2PM ET: https://x.com/sothebysverse/status/1910394412133474597?s=46
Fellowship Presents: ‘SPACES’ by @GrantYun2: https://x.com/fellowshiptrust/status/19106983089071966hP82igIkse_w0CQcovQ
PPI MoM -0.4%, Exp. 0.2% PPI Core -0.1% MoM, Exp. 0.3%: https://x.com/zerohedge/status/1910671799328661647?s=46
Ordinals are flashing very green this morning: https://x.com/tyler_did_it/status/1911402864389353854?s=46
Quick Stats:
👾 Blur ETH Daily Volume: 671 ETH (▼ 33.57%)
🌊 OpenSea ETH Daily Volume: 897 ETH (▼ 16.46%)
🟠 BTC : $84,858.67 (▲ 0.45%)
🔷 ETH: $1,670.87 (▲ 4.25%)
🟣 Solana: $133.12 (▲ 2.70%)
🟪 Polygon: $0.18 (▼ 3.03%)
Top NFT Sales:
CryptoPunks #1999: 65.00 ETH
CryptoPunks #7163: 62.50 ETH
CryptoPunks #8832: 53.69 ETH
NFT Daily Winners:
🏴☠ Captainz: 0.73 ETH (▲ 7.61%)
🐧 Pudgy Penguins: 9.76 ETH (▲ 5.74%)
💼 Ordinal Maxi Biz: 0.03 BTC (▲ 0.71%)
🍭 Mocaverse: 2.10 ETH (▲ 0.33%)
👾 Tensorians: 2.55 SOL (▲ 0.07%)
🦧 Bored Ape Yacht Club: 14.69 ETH (► 0.00%)
🏳🌈 Chromie Squiggles: 4.49 ETH (► 0.00%)
NFT Daily Losers:
🚬 CryptoPunks: 42.42 ETH (▼ 0.16%)
⛩ Azuki: 2.53 ETH (▼ 0.40%)
😡 Mad Lads: 49.60 SOL (▼ 0.66%)
👩🏻 Milady Maker: 3.04 ETH (▼ 1.30%)
🧦 Bitcoin Puppets: 0.04 BTC (▼ 2.19%)
🐱 Quantum Cats: 0.05 BTC (▼ 7.14%)
🐵 NodeMonkes: 0.04 BTC (▼ 7.21%)
Notes:
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