MANTRA or OM token experienced a major rug-pull moment as it crashed near;y 90% lat week. This crash immediately sent shockwaves in the industry. While some investors suggested that this is part of an exit scam, others beliueved that the dip in price is its natural movement.
In just a matter of one hour, the token lost 6 billion USD worth of value. This was a huge blow to the investors and people rooting for the token. This flash dip in its price started on April 13th.
As soon as the news of crash released, the market went into a speculation hyperdrive. This followed some major accusation and finger pointing. Not only that, but echanges like Binance and OKX immediately began their scrutiny.
MANTRA team however, accused this dip to aggresive liquidation. As per the team, the dip is a result of major sell-off during a loq liquidity Sunday. However, the bigger question now is related to its recoverability.
Dwindling Trust
Before the crash, the token enhjoyed a community trust and was slowly bolstering its position as one of the most trusted meme coins. However, the crash changed everything. The gneral market sentiment towards the token shifted drastically.
Co-founder Patrick Mullin has addressed the situation at hand. However, the general sentiment towards the token is not favorable or positive. Pullin shared a social media post addressing their stance on the matter.
The post reads as follows, “The burn program details are in the final stages, and will be shared in the near future. Buyback program also well underway. We are working around the clock for the Sherpas/OMies.”
Even though the team is siuggesting that there is no foulplay, but the loss of trust can affect the token heavily. There is a high chance that theb token might noit recover in the following quarters. Then again, the market is subjected to change.
