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Highlights
- Binance issues update on the recent Mantra price crash of 90%, offering market participants clarity.
- The exchange highlights recent changes in the coin's tokenomics, which aligns with the price volatility.
- Crypto traders lose alarming values amid the asset's price slump, which also led to over $66M worth liquidations in just 12 hrs.
The cryptocurrency exchange behemoth Binance has recently cleared the air around Mantra’s price crash of over 90% in just a day. According to an X post by the exchange on Monday, OM price has crashed alarmingly due to massive cross-exchange liquidations. Meanwhile, other on-chain trackers have also highlighted massive token dumps into exchanges, which rationalizes the ongoing price slump.
OM token exchanged hands at $0.7162 at the time of reporting, erasing nearly 90% intraday.
Binance Issues Statement Amid Mantra (OM) Price Crash of 90%, Here’s What Traders Should Know
Binance revealed in an X post on Monday, April 14, that it is aware of the severe price crash witnessed by Mantra. The CEX informed that its initial findings conclude – “this crash is primarily attributed to cross-exchange liquidations.”
Since October of last year, the cryptocurrency exchange titan has implemented various risk control measures, such as reducing the leverage levels with regard to the OM token to protect its users from various market risks. Besides, since January of this year, the CEX has also issued a pop-up warning for this token on the spot trading page to inform users of the change in tokenomics.
Notably, the CEX underlined that Mantra’s supply has increased since the beginning of this year, which is an alarming factor when observing price movements. Overall, Binance’s recent release has offered traders and investors clarity on factors fueling the token’s current price slump.
Why Is Mantra (OM) Price Falling?
As mentioned above, Mantra’s price has fallen nearly 90%, even hitting an intraday bottom at $0.4222. This price crash is primarily attributable to massive OM selling, liquidations, and the project facing rug-pull allegations.
Tracker Lookonchain revealed in an X post that at least 17 wallets deposited $227 million worth of tokens into exchanges right before the price crashed recently. These massive dumps totaled nearly 4.5% of the asset’s circulating supply.
Subsequently, the price slump led to $66.97 million worth of liquidations in the past 12 hours, adding severe heat to the price. When coupled with Binance’s recent update on the matter, these factors triggered a highly bearish sentiment for the coin among investors.
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