Mantra Token Collapses 90% in 24 Hours, Erasing $5.4 Billion

The Mantra token (OM) suffered a catastrophic collapse of over 90% in value within a 24-hour period, erasing $5.4 billion from its market capitalization.

The token's price plummeted from approximately $6.30 to below $0.50, wiping out most of its $6 billion valuation.

The team behind Mantra has denied responsibility for the crash, attributing it to 'reckless liquidations' rather than any actions taken by the development team or leadership.

Mantra co-founder JP Mullin attempted to reassure investors on social media platform X that the project remains operational and that the team's tokens remain in their custody.