Recent events in the cryptocurrency market saw Mantra’s OM Coin experiencing a significant sharp decline. The OM Coin crashed 90%, a dramatic drop linked to risky exchange policies that resulted in accusations of fraud. It was a stark reminder of the liquidity problems that continue to plague the crypto market. As fallout, MANTRA announced a comprehensive burn program, chose to buyback $25M of OM tokens, and the CEO himself burned $80M of his own tokens. Despite these efforts, market confidence in OM seems to be bruised with some followers doubting its recovery.
Meanwhile, different factors are causing fluctuation in the market. The TVL of Mantra reported an increase of 500%, while a scandal involving Movement Labs is causing ripples in the market-making sector of crypto. Additionally, President Trump's involvement in the crypto firm drew attention, and his meme coin had affected not only his family's net worth but also created a surge in trading fees.
In other news, MANTRA launched a compliant RWA product, triggered a crypto burn, and accused certain exchange liquidations for the recent OM crash. Worryingly, the price of the OM token is still struggling and consumers are questioning whether OM Coin will recover, creating additional market volatility. In response to this, MANTRA has taken steps towards recovery by initiating a burn of 300M OM tokens and the CEO started burning his 150M tokens. However, market feedback suggests these efforts might be too little, too late.
OM Coin News Analytics from Mon, 27 Jan 2025 08:00:00 GMT to Wed, 01 Oct 2025 13:58:00 GMT -
Rating -7
- Innovation -5
- Information 8
- Rumor -8
