Mantra Crashes Back Below $0.4 as Rally Fizzles—Traders Left Grumbling About Transparency

Just another day in crypto: Mantra’s brief rally smacks into resistance at $0.40 before collapsing like a over-leveraged degen trade. The token erased all daily gains faster than a VC dumping their seed round.

Investors demand clarity—but let’s be real, when has that ever stopped a blockchain project? The usual suspects are already spinning this as ’healthy consolidation’ while quietly adjusting their exit strategies.

Meanwhile, the charts show what words won’t: another altcoin failing to hold critical psychological resistance. But hey, at least the volatility gives brokers something to justify their existence.

Investors still demand answers over Mantra’s 95% drop

The token’s slide has continued since the sharp collapse on April 13, when Mantra, a real-world asset token, suddenly lost 95% of its value. While the team initially blamed exchanges for liquidity mismanagement, online investigators have shared a different narrative.

Several on-chain sleuths, including Choze and Onchain Lens, highlighted large movements from Mantra’s wallets to exchanges. While not definitive proof of insider selling, many in the community believe that’s exactly what occurred.

Fueling further concern are allegations that the Mantra team controls up to 90% of the token’s supply. According to Onchain Lens, this level of control allowed the team to artificially pump OM’s price for months.

In response to the crash and growing scrutiny, CEO John Mullin pledged to burn 150 million staked OM tokens, a portion of the team’s holdings. With a circulating supply of 1.66 billion, the burn would account for just under 10% of the token’s total supply.