Binance Traders Reel as Mantra Token Plummets 90% in Hours, Echoing Past Crypto Disasters

The cryptocurrency market was shaken on April 13 as Mantra (OM) collapsed over 90% in a matter of hours, sparking panic across exchanges including Binance. The token’s value nosedived from $6.30 to $0.37, erasing $5 billion in market capitalization and drawing comparisons to historic crashes like LUNA and FTX. With the Mantra team remaining silent during the initial freefall, traders scrambled to limit losses amid liquidations and rug pull accusations—raising fresh concerns about market stability.

Mantra Crash Sparks Chaos Across Crypto Exchanges

The Mantra token suffered a stunning collapse on April 13, plunging more than 90% within hours, from $6.30 to $0.37, wiping out over $5 billion in market value. This triggered comparisons to past disasters like LUNA and FTX, with some traders calling it the biggest rug pull since Terra’s fall. The silence from the Mantra team during the early hours of the drop exacerbated panic among investors, leading to liquidations and rumors. John Mullin, the co-founder of Mantra, denied the rug pull claims, blaming the crash on crypto exchange liquidations.

Mantra DAO Moves $26.96M in OM to Binance Amid Insider Selling Concerns

Mantra DAO, the organization behind the RWA-focused project, has moved $26.96 million worth of OM tokens to a Binance wallet. This latest move has amplified concerns over insider selling, especially after the OM token collapsed 90% from its day’s high of $6.28 to its current price of $0.7192. The crash wiped out over $5 billion in market value. Analysts have started pointing to insider selling as a potential reason for the price drop, and the transfer of tokens to an exchange wallet further fuels these suspicions.