OM Coin, the cryptocurrency developed by Mantra, faced a significant
market crash, plunging 90% and leading to allegations of
fraud and
insider sell-off. The CEO of Mantra has publicly declared the recovery of the token as his primary concern, although it is still in the early stages. Amid rumors and speculations, the value of the OM Coin showed signs of recovery, pumping 60% at one point, then bouncing back with a 200% advance after the initial crash. However, the constant volatility of this cryptocurrency continues to pose significant risks, comparable to the 'big scandal' risk associated with LUNA, another crypto token. In response to the crisis, Mantra planned a significant burn of the tokens, further sparking a fear of another LUNA-style moment. The team attributes the OM coin's downfall to
forced liquidations by one particular exchange. Despite this, the post-crash statement left many questions unanswered. Other analysts and watchdog organizations, however, suggest a
'Rug Pull' scam might be hiding behind the abrupt crash. The outcome of these events has led to a fear of similar incidents occurring with other budding cryptocurrencies like the Pi Network. The Mantra team remains hopeful about its future after proposing a bold token burn to restore trust. Despite the ongoing turmoil, analysts predict OM Coin's price could reach as high as $15 in the near future, but the aftermath of these events remains to be seen.
OM Coin News Analytics from Thu, 14 Nov 2024 08:00:00 GMT to Wed, 16 Apr 2025 18:25:21 GMT -
Rating -7
- Innovation -3
- Information 5
- Rumor -6
