Mantra ($OM) Crashes 90%, Triggers Rug Pull Fears and $6B Market Cap Loss

Mantra ($OM) coin has recently crashed by over 90% during the past 24 hours. As per the crypto market data, the sheer collapse of the Mantra ($OM) coin has resulted in the drainage of up to $6B in market capitalization during the recent twenty-four hours. Triggered by the broader market upheaval, the collapse of $OM has raised speculation and panic concerning a likely rug pull.

$OM Plunges by 90% Amid Rising Fears of Potential Rug Pull

Based on the latest statistics, $OM, the native crypto coin of the Mantra blockchain, has plunged by 90% within the past twenty-four hours. Wiping out above $6.30B in the case of market capitalization, the crypto coin has dipped below $0.50 in terms of value. Hence, the community is now in a state of panic amid the rising suspicions of a potential rug pull.

Several market onlookers have rapidly drawn parallels between this event and the former notorious crashes such as $FTX and $LUNA. The traders urge the team behind the $OM coin to address the respective situation. At present, $OM appears to be heading to zero, highlighting the possibility of a huge rug pull following the above-mentioned crashes. Thus, this week has resulted in another black mark on the significantly volatile market of altcoins.

Mantra Co-Founder Assures Community about Untouched Status of Team’s $OM Holdings

On this, JP Mullin, the co-founder of the Mantra blockchain, addressed the community’s concerns about being “rugged.” He asserted that no rug pull event is going on and the $OM coins of the team are still untouched. On the other hand, the Bitcoin ($BTC) and altcoin sectors are going through slight sideways movements amid the wider market uncertainty. A key role in this scenario is played by the mounting U.S.-China trade tensions.