Mantra’s OM Crashes 90% in Bizarre Selloff as Team Alleges 'Forced Liquidations'

[rdluffy]

What happened to Mantra is quite incredible
Several influencers recommended this token, and I'm sure many users were influenced to buy it

A 90% drop in a token with a marketcap of more than 5 billion USD makes us wonder if the marketcap they showed is real, and also shows us the fragility of altcoins and the trust we sometimes place in developers and investors

Does anyone here have OM in their wallet?

[Forsyth Jones]

What happened to Mantra is quite incredible
Several influencers recommended this token, and I'm sure many users were influenced to buy it

A 90% drop in a token with a marketcap of more than 5 billion USD makes us wonder if the marketcap they showed is real, and also shows us the fragility of altcoins and the trust we sometimes place in developers and investors

Does anyone here have OM in their wallet?

I don’t own. Every day that passes, I grow more convinced that Bitcoin is the only smart and safe choice. Everything else is pure speculation. These coins and trends disappear too fast, first memecoins, then RWA… AI. They're just pumps for short-term trading, nothing more.

I'm impressed by how many people had a large part of their portfolio in mantra, ending up losing all their capital. I always saw this token rising and was impressed by its movement... scary.

[Stompix]

Do you guys think the OM token has completely lost its credibility in the market and will never be profitable again along with the other coins in the top 50 - 100 of coinmarketcap?

Half of the coins in top 50-100 are coins that are slowly dying, the other are coins for which the pump felt too short and never made it into the real spotlight, so their credibility was at least questionable in the first place if not completely missing so, hardly anythign to lose for those.

[Solomon Wealthy]

Exactly — most altcoins are just insider games. Pump, dump, repeat. Best move is trade the hype, take profits, and never marry the bag.

[rdluffy]

...

I don’t own. Every day that passes, I grow more convinced that Bitcoin is the only smart and safe choice. Everything else is pure speculation. These coins and trends disappear too fast, first memecoins, then RWA… AI. They're just pumps for short-term trading, nothing more.

I'm impressed by how many people had a large part of their portfolio in mantra, ending up losing all their capital. I always saw this token rising and was impressed by its movement... scary.

I've been dealing with cryptos for a long time now, and I only got to know them because of an altcoin: ETH
I've already achieved great results with altcoins, including ETH, SOL and a few other altcoins
I don't even think the biggest risk is devaluation, because you have plenty of time to make a decision, and a devaluation is usually defined by the market as a whole

But these rug pulls, contract failures, hacks and deppegs are catastrophic, they can pulverize your assets in a few minutes or in a single day
I already suffered a very annoying loss once with USDC on the Phantom network, where the dollar simply lost 90%

[ABCbits]

Do you guys think the OM token has completely lost its credibility in the market and will never be profitable again along with the other coins in the top 50 - 100 of coinmarketcap?

I think we can take conclusion by seeing top 100 coin in past few years[1] and then compare it with today's position and price. From quick inspection, most of them are either stagnant or in decline. So i expect Mantra/OM will be another token that in decline.

What happened to Mantra is quite incredible
Several influencers recommended this token, and I'm sure many users were influenced to buy it

Yeah, some people would rather listen to influencers without sufficient research about what they're going to buy. Even with a bit of research, they could find detailed analysis about Mantra/OM such as https://www.reddit.com/r/CryptoCurrency/comments/1jif9d5/mantra_om_the_crypto_ponzi_nobody_wants_to_talk/.

[1] https://coinmarketcap.com/historical/

[Jating]

What happened to Mantra is quite incredible
Several influencers recommended this token, and I'm sure many users were influenced to buy it

That's one lesson again for us, not to be sway by this so called crypto influencers.

A 90% drop in a token with a marketcap of more than 5 billion USD makes us wonder if the marketcap they showed is real, and also shows us the fragility of altcoins and the trust we sometimes place in developers and investors

It's real as it gets, everything is on the blockchain. And even they blame the exchanges, it was reported that there are a lot of movement days before the actual sell-off that's why it is suspected that this could be a case of insider trading.

[Gposas]

What happened to Mantra is quite incredible
Several influencers recommended this token, and I'm sure many users were influenced to buy it

You're right mate, most users are always persuaded by influencers and they don't even bother to get the most little atom of information about what they are willing to invest on. Like these influencers are AI to them.

I've been carried away by such devastating persuasion once from these influencers and I learnt my lesson to always make my own personal research before investing/trading any token.

It's just a big heart break to most Investors because I don't think this token would reach its value of over $6 in the next 3yrs.

[bitterguy28]

What happened to Mantra is quite incredible
Several influencers recommended this token, and I'm sure many users were influenced to buy it

i am sure these influencers were also just paid to promote the token most of the time social media influencers are not really that honest to their followers as long as money is involved

A 90% drop in a token with a marketcap of more than 5 billion USD makes us wonder if the marketcap they showed is real, and also shows us the fragility of altcoins and the trust we sometimes place in developers and investors

Does anyone here have OM in their wallet?

that is what happens when altcoins are centralized you never know what could happen a lot of people wanted to make some profit and there’s really risk in that

[MrSpasybo]

You're right mate, most users are always persuaded by influencers and they don't even bother to get the most little atom of information about what they are willing to invest on. Like these influencers are AI to them.

I've been carried away by such devastating persuasion once from these influencers and I learnt my lesson to always make my own personal research before investing/trading any token.

It's just a big heart break to most Investors because I don't think this token would reach its value of over $6 in the next 3yrs.

Few could resist OM after witnessing its price surge hundreds of times, especially with RWA considered a major trend this cycle. KOLs tend to say what the community wants to hear, and they mention OM as an example of crypto market potential, leading many new investors to buy OM without understanding the value and risks of the MantraDao project.

This will be a significant lesson for us this cycle. Luckily, I didn't buy OM even though I once regretted missing the profit opportunity. I don't think OM can recover impressively like SOL did, MantraDao doesn't have the strong ecosystem and technology that Solana possesses.

[MrSpasybo]

You're right mate, most users are always persuaded by influencers and they don't even bother to get the most little atom of information about what they are willing to invest on. Like these influencers are AI to them.

I've been carried away by such devastating persuasion once from these influencers and I learnt my lesson to always make my own personal research before investing/trading any token.

It's just a big heart break to most Investors because I don't think this token would reach its value of over $6 in the next 3yrs.

Few could resist OM after witnessing its price surge hundreds of times, especially with RWA considered a major trend this cycle. KOLs tend to say what the community wants to hear, and they mention OM as an example of crypto market potential, leading many new investors to buy OM without understanding the value and risks of the MantraDao project.

This will be a significant lesson for us this cycle. Luckily, I didn't buy OM even though I once regretted missing the profit opportunity. I don't think OM can recover impressively like SOL did, MantraDao doesn't have the strong ecosystem and technology that Solana possesses.

[rdluffy]

Looking at the Mantra case, it's interesting to note one thing
This week I've read two threads with questions about buying BTC at 500 dollars or Solana at 2 dollars if these coins fall to these levels

The Mantra example is very good, no one wants to risk the fall that has already passed 90%
When the fall is so deep, it usually indicates a serious problem with the coin, and no one is willing to buy yet, no one thinks that the coin can rise again

Impressive, 0.55 USD right now. ATH was 9.04 USD 

[Gposas]

The Mantra example is very good, no one wants to risk the fall that has already passed 90%
When the fall is so deep, it usually indicates a serious problem with the coin, and no one is willing to buy yet, no one thinks that the coin can rise again

Impressive, 0.55 USD right now. ATH was 9.04 USD 

Of course mate, the fall is termed "A Great Fall" , take for instance ETH for example that has been in a struggling price trend falls to $10, do you think investors will start buying so quickly if there isn't a sign of a price surge?

The case of OM, I don't think there'll be a buying pressure in any way except the project team brings a pump in price so those affected investors wouldn't go fully empty.

[LogitechMouse]

---
The Mantra example is very good, no one wants to risk the fall that has already passed 90%
When the fall is so deep, it usually indicates a serious problem with the coin, and no one is willing to buy yet, no one thinks that the coin can rise again

Impressive, 0.55 USD right now. ATH was 9.04 USD 

I remembered LUNA, Bitconnect, and FTX with this drop. I mean I'm not saying that OM is a scam token just like these 3 projects (at least for now), but the drops on all 4 of them are INSANE, and at the same time, unexpected.

There really is a serious problem with the project, but the good thing is that the CEO is constantly giving updates on his X account to ensure that they will not leave the crypto space and will try to recover from what happened. Usually if this happens, the owner will just admit that they scammed people, or they got hacked, and will be silent. This isn't the case on Mantra. They still want to ensure to their investors that they will not leave and will recover on this one.

A scam isn't a scam until it is, but if I will be asked if I will still buy the coin, I will not of course.