One of the vital fashionable cryptocurrencies misplaced almost 90% of its worth inside hours—leading to a wipeout of $8 billion! The cryptocurrency generally known as Mantra (OM) misplaced roughly 90% of its worth in only a few hours right now. So, what occurred?
The crypto sector as soon as once more revealed its harsh facet. Known as Mantra (OM), and having not too long ago ranked among the many largest cryptocurrencies by quantity, OM brought on a multi-billion-dollar loss inside hours.
So, what precisely occurred?
The comparatively new cryptocurrency, Mantra (OM), had captured the eye of many buyers. OM, which reached a worth of $1 in July, had climbed to $8.2 on February 23, 2025. As a consequence of a current total downturn, the crypto asset was buying and selling round $6, however yesterday it plunged to as little as $0.5 inside a matter of hours. As you’ll be able to see within the desk above, OM misplaced its worth with out even giving its buyers an opportunity. Within the final 24 hours, the crypto asset misplaced over 87% of its worth, creating an unprecedented state of affairs for its buyers. The occasion surrounding OM has led to the erasure of roughly $8 billion from the markets.
So, why did such a drop happen?
There isn’t any official clarification relating to the incident; nevertheless, some sources declare that the Mantra staff offered off their holdings on the peak, and as soon as this information unfold, the promoting strain intensified. Moreover, many individuals are blaming Binance, the world’s largest cryptocurrency trade, for this occasion. Buyers are criticizing Binance for not freezing its developer accounts.
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