$227,000,000 Worth of OM Tokens Moved to Crypto Exchanges Prior to 90% Price Collapse of Mantra: On-Chain Data

Blockchain intelligence platform Lookonchain says that tokens of the real-world asset (RWA) crypto project Mantra ( OM ) worth hundreds of millions of dollars were transferred to digital asset exchanges before a massive price crash. Lookonchain says on the social media platform X that multiple wallets had sent millions of OM tokens to crypto exchanges prior to Mantra’s 90% price meltdown over the weekend. Based on Lookonchain’s data, some of the exchanges that received the deposits include OKX and Binance. “Who dropped the price of OM? Before the OM crash(since Apr 7th), at least 17 wallets deposited 43.6 million OM($227 million at the time) into exchanges, 4.5% of the circulating supply. According to Arkham’s tag, two of these addresses are linked to Laser Digital. Laser Digital is a strategic investor in Mantra.” Source: Lookonchain/X On Sunday, Mantra witnessed a sudden price meltdown, dropping from a high of $6.35 to a low of $0.37 – a whopping decline of 94% in just one day. Simultaneously, its market cap plunged from $6.11 billion to $683.3 million. Crypto asset management firm Laser Digital says that it is not involved in the price collapse of Mantra. “We want to directly address recent speculation around Laser Digital’s involvement in the price action of OM (Mantra)… Assertions circulating on social media that link Laser to ‘investor selling’ are factually incorrect and misleading… On-chain movements of OM linked to Laser wallets have been flagged publicly. We want to be absolutely clear: Laser has not deposited any OM tokens to OKX. The wallets being referenced to OKX are not Laser wallets.” Meanwhile, Mantra CEO JP Mullin blames crypto exchanges for OM’s sudden price collapse, noting that the firms needlessly closed large positions during low-liquidity hours. At time of writing, OM is trading for $0.595, down 32.5% in the past day. Follow us on X , Facebook and Telegram Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post $227,000,000 Worth of OM Tokens Moved to Crypto Exchanges Prior to 90% Price Collapse of Mantra: On-Chain Data appeared first on The Daily Hodl .

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