The crypto world was shaken as OM, the token of the MANTRA project, nosedived by over 90% in less than an hour, wiping out more than $6 billion in value. Crypto analysts Sjuul from AltCryptoGems and StarPlatinum have detailed the events revealing how red flags, team control, and behind-the-scenes deals contributed to what some call “LUNA 2.0.” Is it an inside job? Let’s unpack the details.
However, in an official statement, the firm clarified that the sell-off was not an insider job, and they are working to resolve the matter soon. MANTRA’s co-founder, John Patrick Mullin, also said that there is no need to panic and that they are investigating the matter.
Sjuul’s Breakdown: Manipulation and OTC Deals Led to Collapse
According to Sjuul, the crash was triggered when a wallet linked to the MANTRA team suddenly deposited 3.9 million OM tokens onto OKX. This raised immediate concerns, as the team is known to control nearly 90% of the token’s total supply. With such control, any sell-off could crash the market, and that’s exactly what happened.
Sjuul highlighted that trust had already been broken in the OM community over the past year. The team allegedly manipulated the market using market makers, secretly altered tokenomics, and repeatedly delayed a promised community airdrop. These actions had already put the community on edge.
But the real shock came with rumors of OTC deals, mainly private sales, where tokens were reportedly offered at massive discounts, some up to 50% off. When the token’s price began to slide, even these investors rushed to exit, causing a chain reaction. Stop-losses were triggered, leveraged positions liquidated, and within an hour, the price plummeted 90%, burning countless investors.
StarPlatinum’s Analysis: Airdrop Scandal and Vanishing Act
Another crypto analyst StarPlatinum, echoed the alarm, calling it a disaster on the scale of LUNA. He pointed to the team’s controversial airdrop incident just a month ago, where over 50% of eligible wallets were suddenly blacklisted without explanation. This move alienated the community and created deep suspicion.
He also highlighted the team’s quiet changes to tokenomics, founder inactivity, and rumors of price control through market makers. When the wallet transfer to OKX happened, it triggered widespread fear. As news of the OTC deals spread, panic selling began. In one hour, OM crashed from $7 to just $0.50.
What made things worse, according to StarPlatinum, was the OM Telegram group getting deleted right after the crash. The final message before deletion likened the event to “LUNA 2.0.” Since then, the team has gone silent, adding to the chaos.
Don’t Ignore Red Flags
Both analysts agreed on one thing that when a token is overly centralized, lacks transparency, and constantly shifts its rules, danger is never far behind. The OM crash serves as a brutal reminder to always research before investing.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed