The acquisition could accelerate the integration of AI and blockchain in private markets, enhancing transparency and efficiency globally.
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MANTRA said it cut staff as part of a restructuring amid a prolonged downturn that has left its OM token about 99% below peak.
Forced liquidations, hidden contracts, and backchannel deals are prompting a rethink in how liquidity is structured — and who gets trusted.
MANTRA also said it is in talks with ecosystem partners to burn an additional 150 million tokens, bringing the total burn to 16.5% of OM's supply.
Mantra has just gone through a crash that has wiped out most of its value. Here’s how on-chain metrics have changed during this collapse. Mantra Has Seen A Reaction In Several On-Chain Indicators In a new post on X, the on-chain analytics firm Glassnode has discussed about the sudden price plunge that Mantra saw in the past day. During this crash, the asset’s value went from above $6 to around $0.50 in the matter of a few hours. Related Reading: Cardano Could Drop To $0.54 If This Support Gives Out, Analyst Says First, here is how the Exchange Inflow (that is, the total amount of OM being transferred to centralized exchanges) changed along with this volatile move: As displayed in the above graph, Mantra interestingly didn’t see any large spikes in the indicator in the leadup to the crash. Investors use exchanges for selling-related purposes, so large deposits tend to appear before intense volatility. In OM’s case, though, it seems there were no such inflows. Large deposits have still occurred in the past day, but they only came after the collapse was already over. These late inflows likely corresponded to reactionary moves from the investors. The opposite indicator, the Exchange Outflow, also saw spikes following the price plummet, as the below chart shows. While the largest withdrawals only came after the crash was over, there were some significant outflows also made before the low was reached. “This could reflect withdrawals post-liquidation, opportunistic buys followed by self-custody, or exchanges reducing exposure,” explains the analytics firm. A metric that did register a change ahead of time was the percentage of the Mantra supply held by the top 1% addresses. The top 1% addresses reduced their supply share from 96.4% to 95.6% before the OM collapse took place. “While not the largest drop in recent months, it’s notable,” notes Glassnode. Another indicator that showcases the market panic is the Number of Transfers, which observed a huge spike as OM went through its volatility. The Number of Transfers peaked at around 1,400 inside a 10-minute window. Given the scale involved, it’s likely that a large amount of traders were responsible for these moves. Related Reading: Bitcoin Sharks & Whales Show Highest Growth Since Feb: Confidence Returning? And indeed, the trend in the Active Addresses, a metric keeping track of the number of addresses becoming involved in transactions on the chain, would confirm this. From the chart, it’s apparent that the Active Addresses mimicked the trend in the Number of Transfers very closely, so the Mantra selloff wasn’t contained to a few addresses at all. OM Price At the time of writing, Mantra is trading around $0.50, down more than 91% in the past day. Featured image from Dall-E, Glassnode.com, chart from TradingView.com
Blockchain investigator ZachXBT has spotlighted two individuals, Reef Finance founder Denko Mancheski and X user Fukugo Ryōshu, as potentially linked to the sudden 90% crash of Mantra’s OM token on April 13. On April 14, ZachXBT reported: “The two names I keep hearing tied to the Mantra incident are Denko (Reef Finance founder) and Fukogoryushu […]
The post ZachXBT identifies key figures tied to Mantra’s 90% OM token crash appeared first on CryptoSlate.
The token remains 90% down over the past 24 hours.
The sudden collapse of MANTRA’s OM token has sent shockwaves through the crypto market but drove its derivatives trading volume up by an eye-popping 7,000% in just 24 hours. Data from Coinglass reveals that trading activity surged to over $6 billion during this period, with Binance and Bybit accounting for more than half of the […]
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Laser Digital said it wasn't involved in MANTRA's crash on Sunday and denied sending millions in OM tokens to OKX.
The OM token, native to the Mantra blockchain, suffered a severe market crash on April 13, dropping from around $6.30 to below $0.50 within a single day. According to CryptoSlate’s data, this sharp decline wiped out more than $5 billion from its market capitalization, which nosedived from approximately $6 billion to just $530 million. While […]
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Co-founder John Patrick Mullin alleged the movement was likely due to exchanges closing OM positions, which impacted all market exposure.
The sudden collapse of the token has reignited allegations that the Hong Kong-based team controls a large portion of the token's circulating supply.
Crypto analyst El Crypto has raised the possibility of an altcoin season happening soon. The analyst alluded to Bitcoin’s dominance rising to a major rejection zone, which could be bullish for altcoins. Altcoin Season May Be Imminent As Dominance Hits Major Rejection Zone In an X post, El Crypto suggested that the altcoin season may be imminent as Bitcoin’s dominance hits a major resistance zone. He revealed that BTC’s dominance again touched a zone that has led to rejection every time in the last one and a half years. He added that the Stochastic Relative Strength Index (RSI) is also in the overbought area, while a bearish cross has now happened again. Related Reading: Waiting For An Altcoin Season? Analyst Says A Weekly Close Above This Level Would Trigger A Rally Based on this, the analyst remarked that the market looks to be in for some fun, hinting at an altcoin season. Crypto analyst CryptoElites also affirmed that Bitcoin’s dominance has reached its peak. He further affirmed that next up is a massive altcoin rally, which will usher in the alt season. In another X post, the crypto analyst alluded to the USDT and USDC dominance ratio. He claimed that the market was at a critical trend reaction point right now. CryptoElites then mentioned that if the stablecoins’ dominance breaks down, then the altcoin season will officially begin. Crypto analyst Kevin Capital also looked to provide a bullish outlook towards the altcoin season. In an X post, he highlighted the global liquidity index overlaid with the Dogecoin price. In line with this, he remarked that it might be time for market participants to start paying attention to this. So far, altcoins have been mirroring Bitcoin’s price action, suffering a similar downtrend amid the trade war. However, if the altcoin season were to kick into full gear, these altcoins could easily decouple from the flagship crypto and outperform. Ethereum is known to lead this altcoin season, but that may not be the case this time, as ETH has underperformed throughout this cycle. Still Bitcoin Season For Now Blockchain Center data shows that it is still Bitcoin season for now, as the flagship crypto continues to outperform most altcoins. In the past 90 days, only seven out of the top 50 coins have outperformed the flagship crypto. These coins include Mantra, GateToken, Monero, LEO, Tron, and FastToken. Related Reading: Altcoin Season: Crypto Expert Reveals Why $425 Billion Is Important For it to be altcoin season, 75% of the top 50 coins would need to outperform Bitcoin over the last 90 days. Although almost all coins have witnessed declines within this timeframe, BTC has suffered a 22% drop, which is less than what these altcoins have seen during this period. At the time of writing, the Bitcoin price is trading at around $80,900, down over 1% in the last 24 hours, according to data from CoinMarketCap. Featured image from iStock, chart from Tradingview.com
The platform recently added Google as a primary validator and infrastructure to its blockchain.
Ondo Finance's native token, MANTRA's OM and Chintai's CHEX posted double-digit gains during the crypto rebound, while many altcoins still nursed losses.
The deal will allow token-based financing of DAMAC's wide range of portfolio companies that includes real estate development, hospitality and data centers.
Mantra and Damac Group have signed a $1 billion partnership to tokenize real-world assets, enhancing blockchain-based finance in the UAE.