Can a top 20 token with a multi-billion dollar valuation just erase 90% of its value in a few minutes? In April 2025, Mantra (OM) did exactly that. At one point trading above $6, OM collapsed to under $0.50 in less than an hour. The token has never recovered.
Today, it’s trading at around $0.08 – more than 97% down on the year. A token that once sat near the top of the crypto world is now barely in the top 300, and for most investors, it’s no longer on the radar.
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What Actually Happened?
The team insists there was no hack, exploit, or rugpull. Instead, they blamed a wave of forced liquidations. OM was being used as collateral on centralized exchanges, and when one large position got closed, it triggered a cascade.
This happened during low-liquidity hours, making the price drop even more extreme. Exchanges like Binance and OKX later confirmed seeing unusual volatility, but no one has taken clear responsibility for how it started – or why it escalated so fast.
Read also: Mantra Releases Official Statement After 90% Drop
Delayed Response, Damaged Trust
The crash alone was bad. But what made it worse was how long it took the team to respond. Nearly two hours of silence gave space for rumors to spread. Then, when the updates came, they were vague.
Over the next few weeks, the team tried to recover the situation – publishing a post-mortem, launching a transparency dashboard, and burning 150 million tokens. They also kept attending events and announcing partnerships. But the price didn’t move, and trust didn’t return.
Read also: Mantra (OM) Still Struggles: 4 Reasons Investors Aren’t Coming Back
Still Active, But No Longer Relevant
The team didn’t vanish. They kept building, launching updates, and talking to the community. But despite those efforts, OM never regained momentum. The promised token buyback program didn’t change anything – investors are not trusting the project anymore, and the charts show it.
The project is not inspiring confidence as it once did – instead, it will be remembered as 2025’s biggest crypto disaster, and a cautionary tale in the future.
