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Reading: Behind the $6B Derivatives Surge: What Caused Mantra (OM)’s Crash?
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Deythere > News > Market > Behind the $6B Derivatives Surge: What Caused Mantra (OM)’s Crash?
MarketCryptoNews

Behind the $6B Derivatives Surge: What Caused Mantra (OM)’s Crash?

Behind the $6B Derivatives Surge: What’s Behind Mantra (OM)’s Crash?
Jonathan Swift
Last updated: April 15, 2025 1:57 pm
By
Jonathan Swift
Published April 15, 2025
6 Min Read
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In one of the most dramatic sell-offs of 2025, Mantra’s OM token plunged over 90% in just a few hours — wiping out billions in market capitalization and sparking widespread panic across the crypto ecosystem. While many investors were left scrambling for answers, new on-chain data and official statements are beginning to reveal the full picture behind the collapse.

Contents
  • OM Drops from $6 to $0.50 in Hours
  • Mantra (OM)’s Price Snapshot (April 14, 2025)
  • On-Chain Data Shows Panic, Not a Pre-Planned Dump
  • Holder Concentration Remained High
  • Was It a Rug Pull? Team Says No
  • Conclusion
  • FAQs
    • What caused the OM token crash?
    • Did the Mantra team sell their tokens?
    • Is OM recovering after the crash?
  • Glossary of Key Terms
    • Sources:

OM Drops from $6 to $0.50 in Hours

On April 14, 2025, Mantra (OM)’s price plummeted from just above $6 to nearly $0.50, triggering a chain reaction across exchanges and wallets. The crash was so swift that over $5 billion in value was erased in under six hours.

According to on-chain analytics firm Glassnode, there were no signs of pre-emptive exchange inflows before the drop — an unusual observation in major drawdowns, where whales often move tokens to exchanges ahead of major sell-offs.

“Unlike typical pre-crash behavior, the largest OM inflows occurred after the crash had already begun,” Glassnode noted in a report. “That suggests the sell-off was driven by panic rather than insider action.”

Mantra (OM) price

Mantra (OM)’s Price Snapshot (April 14, 2025)

MetricValue
Current Price$0.52
24-Hour Change-91.4%
Market Cap$139 million
24-Hour Trading Volume$422 million
Circulating Supply267 million OM

On-Chain Data Shows Panic, Not a Pre-Planned Dump

The first significant influx of OM to centralized exchanges came at 08:20 UTC on April 14 — when the token had already crashed to $0.71. Approximately 38 million Mantra (OM) tokens were transferred at that time, indicating a reactionary sell-off by retail users and short-term holders rather than a coordinated insider move.

In the same window, active addresses on the network surged to 574, and token transfers peaked at 1,400 within 10 minutes, highlighting the mass panic among investors.

“This wasn’t a rug pull — it was a cascade of fear-driven exits and liquidations,” said crypto market analyst Daria Chen. “Once OM started falling, everyone rushed to the exits.”

Holder Concentration Remained High

One of the more controversial insights came from the concentration of Mantra (OM) supply. Before the crash, the top 1% of addresses controlled 96.4% of OM’s circulating supply — a concentration that only marginally fell to 95.6% post-crash.

This indicates that major holders largely held their positions, and smaller holders and retail investors bore the brunt of the collapse. OM’s realized capitalization, or the total cost basis of holders, fell by $740 million in less than 9 hours, according to Glassnode.

OM price ON market

Was It a Rug Pull? Team Says No

Speculation quickly spread across social media that the MANTRA team orchestrated a dump, drawing parallels to the infamous LUNA collapse of 2022. However, co-founder JP Mullin quickly addressed the rumors.

In a statement, Mullin clarified:

“The crash was triggered by a forced liquidation of a large Mantra (OM) position on a centralized exchange. Our team tokens remain locked under the published vesting schedule.”

Despite the official denial, the situation has raised critical questions about OM’s tokenomics and transparency, particularly the outsized token control attributed to the development team.

Conclusion

The collapse of Mantra (OM) highlights a painful reality in crypto: trust can vanish in minutes, and even fundamentally sound projects can be caught in downward spirals. While the Glassnode data suggests the crash wasn’t a coordinated exit, the extreme centralization of OM supply and lack of prior warning contributed to the shockwave.

Whether OM can recover from this crisis will depend on the team’s transparency, market response, and technical recovery. For now, it stands as a stark reminder of crypto’s enduring volatility.

FAQs

What caused the OM token crash?

The collapse was triggered by a forced liquidation of a large OM holder’s position, which led to mass panic selling across the market.

Did the Mantra team sell their tokens?

No. The team clarified that all tokens remain locked and are subject to a vesting schedule, denying any insider sell-off.

Is OM recovering after the crash?

As of now, OM is trading at $0.52. While some buyers are returning, investor sentiment remains cautious.

Glossary of Key Terms

Forced Liquidation:
Automatic closing of a leveraged position due to insufficient collateral, often triggering steep price drops.

Realized Capitalization:
A metric estimating the aggregate cost basis of holders based on the price when each token was last moved.

Exchange Inflow:
The total amount of tokens transferred to centralized exchanges — often a signal of potential selling pressure.

Holder Concentration:
A measure of how much of a token’s supply is held by a small number of addresses. High concentration increases risk.

Active Addresses:
The count of unique addresses participating in token transactions — often used to gauge market activity and sentiment.

Sources:

CCN.com

Crypto Basic

​Crypto Tracker

CryptoSlate

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ByJonathan Swift
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A crypto journalist with an understanding of blockchain technology. Skilled in simplifying complex topics for diverse audiences, from beginners to experts. Because I believe in words as they are the children of mind.
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