Key Highlights:
- The OM token plummeted 90% immediately following a $227 million deposit into exchanges.
- Nomura Group’s Laser Digital denies any connection to the selling of OM tokens.
- Mantra’s representatives attribute the crash to broader market forces and forced liquidations.
Switzerland-based trading firm Laser Digital, a branch of the Nomura Group, firmly denies any involvement in the drastic drop of the Mantra token, which suffered a 90% decline in value. The firm stated, “Assertions circulating on social media that link Laser to ‘investor selling’ are factually incorrect and misleading,” as reported on X.
Laser Digital then disclosed its managed Mantra wallet addresses, all showing no exchanges or selling activities.
Rumors continue to circulate regarding the dramatic fall of OM. Mantra’s team claims that extensive market pressures and positions being forcibly closed by centralized exchanges initiated a liquidation cascade that contributed to the price drop.
According to OKX, the volatility was triggered by an acute surge in trading volume along with an initial price decline across various exchanges before it propagated through the market. Prior to the crash, 17 wallets deposited a total of 43.6 million OM ($227 million) to exchanges, inducing panic among holders since the Mantra team possesses 90% of the circulating supply, resulting in a rush to sell.
Currently, OM is priced at $0.57, representing a staggering 90% drop from a daily high of $6.14, with trading volume skyrocketing by 3,425% to $2.6 billion, according to CoinMarketCap.
