The Mantra ($OM) token has recently gained attention from the crypto community for its resurgence. As per the market data, the Mantra ($OM) token has rebounded from the recent collapse that had pushed its value below the $1 mark. This shows a renewed investor interest that has resulted from the project’s management team concerning transparency.
$OM Token’s Crash from $6.30 to $0.52 Leads to Chaos, Despite Slight Resurge
The reports highlight that $OM went through a massive plunge from the $6.30 spot to just the $0.52 mark within a few hours this weekend. Subsequently, a slight rebound was witnessed on Tuesday when it jumped by more than fifty percent at a point before stabilizing at $0.82. Even then, the significant pullback shocked the investors, raising several unanswered questions.
On Tuesday, John Patrick Mullin, Mantara’s co-founder addressed the rising concerns regarding $OM. Mullin assured the users that the project’s team has increased efforts to ensure transparency concerning the recent $OM slump. In this respect, they will reportedly share a post-mortem report to provide the details of the events that led to the collapse.
The respective crash was first blamed on “reckless liquidations,” rejecting any fundamental issues in the project. Nonetheless, allegations have reappeared concerning the potential manipulation of the token’s price by the team. However, Hullin refuted such claims and signaled an impending $OM buyback and burn project.
Short-Term Outage Triggers Further Concerns, Pushing Investors Toward Alternatives
The collapse of $OM raised further eyebrows on Monday when many consumers reported provisional outage on the famous Canadian crypto entity Shakepay. Moreover, zkSync consumers flagged malicious wallet behavior. These developments raised fear that several addresses might have been compromised. Amid the MANTRA chaos, several investors have turned toward Bitcoin ($BTC) to get a safer alternative by using dollar-cost averaging.
