Mantra (OM) crypto crashed 90%, sparking fears of a rug pull amid allegations of team dumping and forced exchange liquidations. The co-founder took to X, saying a cascade of forced liquidations on platforms like Binance triggered the crash. Meanwhile, smart investors are rotating funds, getting exposure in some of the hottest presales like Best Wallet.
If you bought a bag of Mantra (OM) crypto last week at an average price of around $6, hoping for gains now that the crypto market was turning bullish with Bitcoin, Solana, Ethereum, and other altcoins trending higher, you’re in for a rude shock. Crypto prices are volatile, influenced by factors beyond supply and demand. Prices can rally or plummet, and fear grips investors during a dump—exactly what OM crypto holders are feeling right now.
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OM Crypto Flash Crash
In what can only be described as a “Dark Sunday” for OM, the token crashed 90% from a high of $6.30 last week to below $0.65 on April 13.
(OMUSDT)
The situation could worsen today if the team doesn’t step in to reassure the community. This drastic market cap wipeout within hours has left investors with more questions than answers, with some comparing the rout to the cascading sell-off of LUNA, the Terra ecosystem coin, which crashed from $20 to below $0.01 after the collapse of the UST algorithmic stablecoin in 2022.
As the dust settles, many are asking: What went wrong with Mantra Crypto? Should OM holders exit before things deteriorate further and rotate into promising tokens or hot presales like Best Wallet?
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Why Did Mantra Crypto Collapse?
It’s natural to seek answers, especially if you’re holding OM.
Several explanations have surfaced, but among the most plausible are allegations that the team dumped tokens in recent weeks.
Although the co-founder denied these claims on X, reports suggest the team sent a large portion of the total supply for over-the-counter (OTC) sales, triggering a flash drop.
There’s been no official confirmation from the team.
However, the team attributes OM’s crash to massive forced liquidations initiated by centralized exchanges. A whale’s liquidation sparked a domino effect, causing a cascade of sell-offs and panic across the Mantra ecosystem.
The co-founder said:
“We have determined that the OM market movements were triggered by reckless forced liquidations initiated by centralized exchanges on OM account holders. The timing and depth of the crash suggest a sudden closure of account positions without sufficient warning or notice.”
He added that the team or its advisors were not responsible for the event, as all tokens remain locked in custody and subject to published vesting periods.
In another post, he provided a token verification address: mantra1yejpacug78zuqkzwwuc94c0a2al4mz4yfqquam.
Guys let's get a couple things straight:
– The TG was not deleted.
– The Team tokens all remain in custody, verifiable at this address – mantra1yejpacug78zuqkzwwuc94c0a2al4mz4yfqquam
– We are actively figuring out why these massive forced liquidations occurred and will provide…— JP Mullin (🕉, 🏘️) (@jp_mullin888) April 13, 2025
As 99Bitcoins previously reported, a big portion of the total supply was transferred to centralized exchanges before the meltdown.
Additionally, the suspicious shutdown of the Telegram group before the crash left investors in the dark, fueling rumors of a rug pull.
Community members are livid.
On X, one user said, “money doesn’t just disappear. We want explanations. It’s $5.5 billion. Who has it? How is it possible that a cryptocurrency can collapse just because a few people were liquidated?”
Others are demanding “tangible actions” to arrest the sell-off.
Not good enough – we need tangible action! The least you can do is prevent the price dropping any further.
The price has continually dropped even after all your acknowledgements and alleged investigations.
Stabilise the price here, it’s already over -90%!$OM @MANTRA_Chain
— Chad DNA (@thebullishchad) April 14, 2025
Best Wallet Presale Gains Traction
As Mantra crypto falters, attention is shifting to the Best Wallet presale. Over the past few weeks, the BEST token has emerged as one of the best cryptos to buy in 2025, driven by surging investor demand.
So far, over $11.5 million worth of BEST tokens have been sold, thanks to its unique value proposition.
Unlike MetaMask or Phantom, Best Wallet offers more than secure token storage.
For active traders and DeFi users, it’s a command center for all activities. It is a multichain wallet supporting Bitcoin, Ethereum, and Solana.
The platform features an inbuilt cross-chain DEX aggregator connecting to over 200 exchanges and an “Upcoming Tokens” feature, enabling users to invest in some of the best Solana meme coins for 2025.
Other attractive features include gasless transfers, active fraud protection, and a staking portal.
In the coming weeks, supporters believe the BEST token will soar to new highs, potentially outperforming OM crypto.
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Mantra (OM) Crypto Crashing, Best Wallet Presale Raises Over $11 Million
- Mantra crypto crashing, OM plunging 90% on April 13
- Mantra team says the sell-off is due to cascading exchange liquidation
- OM holders demand integrity and transparency, saying the drop is due to negligence
- Best Wallet presale raises over $11 million. Is BEST one of the best cryptos to buy?
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