The recent 90% collapse of Mantra ($OM) has triggered market-wide shockwaves, leading to enormous fears and speculations. Following that, based on the on-chain reports, Star Xu, the founder of the well-known crypto exchange, has called for a full-fledged investigation into the Mantra ($OM) crash. The surprising on-chain activity concerning the $OM token collapse has pushed the community into panic.
OKX CEO Calls for Deep Investigation into Mantra ($OM) Crash
The new market data reveals that, before the abrupt collapse of Mantra ($OM), up to seventeen wallets reportedly deposited a massive 43.6M $OM tokens. Specifically, they transferred up to $227M in this respect to crypto exchanges. Interestingly, a couple of these wallets are reportedly associated with Laser Digital, a strategic Mantra investor. Due to this, the OKX CEO Star Xu has indicated the need for a thorough investigation into the collapse.
The Mantra ($OM) token reportedly crashed amid the low-liquidity period on Sunday. Hence, the token plunged by more than ninety percent. The coin touched the lowest price of $0.37 last night. After that, at the moment, the price of the token stands at $0.7803. This denotes a decrease of 87.55% over the past 24 hours. Similarly, the 7-day price performance of $OM indicates an 86.95% dip. Moreover, $OM’s thirty-day price performance highlights an 87.96% slump.
Mantra CEO Nullifies Rumors of Rug Pull
The massive $OM collapse led the community members to question this abrupt development. Keeping this in view, JP Mullin (Mantra’s CEO) took to X to nullify the rumors concerning a rug pull. He mentioned that the $OM tokens of the Mantra team members are untouched and none of them is going anywhere. He also assured the online visibility of the wallet addresses, along with sharing the exclusive token report.
However, in line with the on-chain statistics, there are many apprehensions and rumors about a likely rug pull. Thus, the OKX CEO has expressed the requirement for a comprehensive investigation into the matter. In the meantime, the market onlookers and investors will keep a keen eye on the further price changes and developments concerning $OM.
