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The MANTRA price has plunged 23% in the last 24 hours to trade at $0.6187 as of 3:30 a.m. EST on a 52% drop in trading volume to $52 billion.
The recent collapse of the OM price is being attributed to the centralized control of the project’s supply. Reports suggest the Mantra team held up to 90% of the token’s circulation, making the market vulnerable to large-scale sell-offs.
The crisis began when 17 wallets moved over 43 million OM tokens, worth $227 million, to exchanges, overwhelming liquidity and triggering $67 million in forced liquidations within just 12 hours.
Who dropped the price of $OM?
Before the $OM crash(since Apr 7), at least 17 wallets deposited 43.6M $OM($227M at the time) into exchanges, 4.5% of the circulating supply.
According to Arkham’s tag, 2 of these addresses are linked to Laser Digital.
Laser Digital is a strategic… pic.twitter.com/zB8yAPRPSO
— Lookonchain (@lookonchain) April 14, 2025
However, in response, Mantra’s CEO, John Patrick Mullin, denied any insider selling and explained that the collapse was caused by an exchange liquidating OM tokens used as collateral.
He clarified that neither the team nor major investors had sold before the crash. Backers like Laser Digital and Shorooq Partners also denied any involvement in the sell-off, providing statements and wallet data to support their claims.
MANTRA Price Support Holds At $0.60 After Sharp Crash – Can The Bulls Recover?
The 4-hour chart of OM/USDT shows a clear breakdown of Smart Money behavior, characterized by a long period of consolidation followed by a sharp bearish move. Between late March and early April, OM traded within a narrow range of approximately $6.20 to $7.00.
This range formed a clear consolidation zone, highlighted on the chart in yellow. During this phase, the price was accumulating or distributing, as indicated by the lack of strong directional movement. Within this range, an Order Block (OB) is also identified, suggesting prior institutional interest.
OMUSDT Analysis Source: Tradingview
However, once the price spiked slightly above this zone, likely grabbing buy-side liquidity, it sharply reversed and initiated a massive sell-off. The sell-off was aggressive, dragging the price from around $6.30 down to below $1.00 in just a couple of days, a drop of nearly 90%.
A key feature of this move is the Fair Value Gap (FVG) left behind between $3.00 and $6.00, showing an area of price inefficiency that might attract future price action if a recovery occurs.
The current price is hovering around $0.6189, sitting just above a short-term support level of $0.60. On the momentum side, the Relative Strength Index (RSI) is deeply oversold at 12.49, which suggests bearish exhaustion but doesn’t guarantee an immediate reversal.
Unless OM reclaims the $3.00 level and starts to close the FVG, the market structure remains bearish. Any bounce from this support could be a temporary reaction, not a full reversal. If the $0.60 support fails, lower psychological targets like $0.50 and $0.30 could come into play.
BTC Bull Token Presale Rockets Towards $5 Million – Best Crypto To Buy Now?
As the MANTRA price struggles to climb back, investors are flocking to buy new meme coin BTC Bull Token (BTCBULL), a Bitcoin-inspired derivative that has already raised over $4.6 million in its presale.
BTC Bull Token is a meme coin inspired by Bitcoin’s bold mission to hit the $1 million mark. Designed with community rewards and deflationary tokenomics, BTCBULL offers unique incentives as Bitcoin’s price climbs.
#BTCBULL doesn’t skip leg day. 🐂
Join the $BTCBULL herd presale today: https://t.co/7eJGZriFZb
For any further enquires send a message to our team @BTCBULL_TokenPR pic.twitter.com/2Lp5TcUkYR— BTCBULL Official Team (@BTCBULL_TokenPR) March 16, 2025
Holders will receive free BTC airdrops once Bitcoin reaches $150K, with additional airdrops distributed at every $50K milestone thereafter.
99Bitcoins, a popular crypto YouTube channel with over 725k subscribers, says BTCBULL has the potential to soar 100X after launch.
Buy BTCBULL Now To Enjoy 88% Staking APY- Price Increases In 1 Hour
To further strengthen its supply dynamics, the project will initiate its first token burn at $125K Bitcoin, with more burns scheduled at every $25K BTC price increase. These events aim to increase scarcity and drive long-term value for holders.
Investors can also stake their BTCBULL tokens in the presale pool and earn an impressive 88% annual return. The token is currently priced at just $0.00246 and can be purchased through the official website using either crypto or a bank card.
A price increase is expected in less than 1 hour, so early buyers have a limited-time opportunity to lock in the lowest price.
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