Lookonchain, a blockchain analytics platform, has reported substantial transfers of Mantra (OM) tokens, a real-world asset (RWA) crypto initiative, to various digital currency exchanges preceding a dramatic price decline.
According to Lookonchain’s posts on X, several digital wallets moved millions of OM tokens onto exchanges in the days leading up to Mantra’s significant 90% price drop that occurred over the weekend.
Data compiled by Lookonchain indicates that OKX and Binance were among the exchanges that received these large OM deposits.
“Who triggered the OM price plummet?”
“Leading up to the OM crash (starting April 7th), at least 17 distinct wallets collectively deposited 43.6 million OM tokens (valued at $227 million at the time) onto exchanges. This represents approximately 4.5% of the total circulating supply.”
“Based on Arkham Intelligence’s tagging, two of these involved addresses are reportedly associated with Laser Digital.”
“Notably, Laser Digital holds a position as a strategic investor within the Mantra project.”
Mantra experienced a rapid and substantial price correction on Sunday, plummeting from a peak of $6.35 to a low of $0.37. This represents an extraordinary 94% decrease in value within a single day. Concurrently, the project’s market capitalization suffered a severe blow, shrinking from $6.11 billion to $683.3 million.
Laser Digital, a digital asset management entity, has issued a statement denying any responsibility for the OM price crash.
“We feel it is crucial to directly address the recent speculation concerning Laser Digital’s potential role in the price volatility of OM (Mantra). Assertions circulating across social media platforms which connect Laser to any form of ‘investor selling’ are factually inaccurate and are misleading.”
“On-chain data reflecting movements of OM associated with Laser-linked wallets has been publicly noted. We want to state very clearly that Laser has not deposited any OM tokens onto the OKX exchange. The specific wallets being linked to OKX are not owned or controlled by Laser.”
Meanwhile, Mantra’s CEO, JP Mullin, is attributing the unexpected price collapse of OM to actions taken by crypto exchanges, asserting that these platforms imprudently liquidated substantial positions during periods of limited market liquidity.
As of this writing, OM is currently trading at $0.595, marking a 32.5% decrease in value over the preceding 24-hour period.
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