Binance Breaks Silence Amid Mantra (OM) 90% Price Crash

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Oh, What a Tangled Web We Weave: Binance and the Mantra Meltdown! 💸😱

Well, darlings, it seems our dear friends at Binance have finally decided to lift the veil of mystery surrounding the rather dramatic 90% nosedive of the Mantra (OM) token. In a rather theatrical post on X, they’ve attributed this calamity to a delightful cocktail of massive cross-exchange liquidations. Who knew trading could be so… exhilarating? 🎢

At the time of this riveting report, OM was exchanging hands at a mere $0.7162, having taken a rather unfortunate tumble that would make even the most seasoned acrobat blush. 😳

Binance Breaks the Silence: A Price Crash to Remember!

In a post that could rival any soap opera, Binance announced on April 14 that they are, indeed, aware of the catastrophic price crash. Their initial findings suggest that this debacle is primarily due to those pesky cross-exchange liquidations. Oh, the drama! 🎭

Since last October, our beloved exchange has been busy implementing various risk control measures, such as reducing leverage levels for the OM token. After all, we wouldn’t want our dear users to be caught in a financial tempest, now would we? And let’s not forget the pop-up warning they’ve been so kind to issue since January, alerting users to the ever-changing tokenomics. How thoughtful! 🙄

It’s worth noting that Mantra’s supply has been on the rise since the start of the year, which is rather alarming when one observes the price movements. Binance’s recent revelations have certainly shed some light on the factors contributing to this rather dismal price slump. 🔦

Why Is Mantra (OM) Price Falling? The Plot Thickens!

As previously mentioned, Mantra’s price has plummeted nearly 90%, even hitting a dramatic intraday low of $0.4222. This unfortunate turn of events can be attributed to a delightful mix of massive OM selling, liquidations, and whispers of rug-pull allegations. Oh, the intrigue! 🕵️‍♂️

According to the ever-watchful Lookonchain, at least 17 wallets decided to deposit a staggering $227 million worth of tokens into exchanges just before the price took a nosedive. These massive dumps accounted for nearly 4.5% of the asset’s circulating supply. Talk about a dramatic exit! 💔

As a result, the price slump led to a jaw-dropping $66.97 million worth of liquidations in just 12 hours. When combined with Binance’s recent update, it’s no wonder investors are feeling a tad bearish about the whole affair. 🐻

Crypto Trader Faces a $3.3M Meltdown!

In a plot twist worthy of a Shakespearean tragedy, a crypto trader known as JB on X has reported a staggering loss of $3.3 million due to this price debacle. His initial investment of $3.5 million is now worth a paltry $200,000. How positively tragic! 😩

“My intention was to support the future of RWAs,” he lamented, though the current scenario seems to be a far cry from that noble goal. CoinGape has reported that Mantra’s team has blamed “reckless liquidations” for this financial fiasco. How very convenient! 🙃

Meanwhile, another report has revealed that crypto traders have collectively lost nearly $400 million amid the OM price crash. It appears that the broader market sentiments surrounding this coin are decidedly bearish, with Binance’s update only adding fuel to the already raging fire. 🔥

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2025-04-14 12:24