Mantra (OM) Token Crashes 98% in Under an Hour Amid Allegations of Insider Dumping

Last week, OM, the native token of Mantra, suffered a dramatic collapse, plummeting from $6 to just $0.50 in under an hour. This devastating drop wiped out nearly $6 billion in market capitalization, marking a staggering 95% price decline. According to circulating reports, the crash was likely triggered by a coordinated and large-scale token dump.

As the token nosedived, speculation of an insider-led exit scam began swirling across the crypto community. In response to mounting criticism and accusations, CEO JP Mulin announced he would burn his personal allocation of 772,000 OM tokens—a gesture aimed at restoring some public confidence.

Although OM briefly rebounded to $1, it continues to trade within a narrow band of $0.50 to $0.60. Despite the attempted damage control, market sentiment remains bleak, and much of the community has seemingly moved on from the protocol.

🚨 In the aftermath of OM’s collapse, one question remains—was it a dump, a scam, or just crypto being crypto?

Turning back to the broader market, macro conditions remain murky.

Trump is once again turning up the heat—floating baseless “China deals” (quickly denied by Beijing), reigniting tariff threats toward the EU, and taking aim at Powell. He’s signaling a go-it-alone approach on key policies, and markets are beginning to take notice.

Bitcoin, meanwhile, has been consolidating between $80K and $85K for several weeks. This stretch of low volatility and muted volume typically leads to one of two outcomes: a slow grind downward as market sentiment erodes, or a sharp breakout toward the $92K–$95K range, where key resistance levels lie in wait.