Mantra’s native token, OM, saw a dramatic intraday drop of over 90%, falling to as low as $0.4222 before recovering slightly.
Binance said the crash was mainly due to heavy cross-exchange liquidations causing intense selling pressure.
The native token of Mantra, OM, has seen a shocking price drop of over 90% within a single day, with the token even hitting a low of $0.4222 before slightly recovering to $0.7162. This sudden crash had the crypto community buzzing with concerns, prompting Binance to step in with an explanation.
In a post shared on X (formerly Twitter), Binance clarified that the steep fall was mainly due to cross-exchange liquidations, a situation where heavy selling pressure happens across multiple platforms at once, often triggering a cascade of price drops.
Binance also pointed out that it had already taken several steps to protect users from risks tied to OM. Since October 2024, the platform reduced leverage levels for OM trading. And from January 2025, it even issued pop-up warnings on OM’s spot trading page to alert users about major changes in the token’s supply and tokenomics.
Interestingly, blockchain tracker Lookonchain flagged that 17 wallets had deposited $227 million worth of OM tokens into exchanges just before the crash. That accounts for nearly 4.5% of OM’s total circulating supply, a huge dump that likely added fuel to the fire.
With rug-pull fears circulating, Binance assured users that it’s monitoring the situation closely and will continue to take necessary steps to protect traders.