• You might have missed it, but Mantra’s token, OM, took a wild ride today, plummeting over 90% in value within hours! It briefly touched a low of $0.4222 before bouncing back a bit.
  • Wondering what happened? Binance chimed in, explaining that the flash crash was mainly triggered by massive liquidations across different exchanges, leading to huge selling pressure.

Crypto markets were stunned as Mantra’s native token, OM, suddenly nosedived more than 90% in a single day. The token even dipped as low as $0.4222 before staging a slight recovery to around $0.7162. This dramatic plunge sent shockwaves through the crypto community, prompting Binance to offer some much-needed clarity.

Binance took to X (formerly Twitter) to share an explanation, stating the sharp drop was primarily due to significant cross-exchange liquidations. Essentially, heavy selling pressure flooded multiple trading platforms simultaneously, creating a domino effect of price declines.

The exchange also highlighted proactive steps they’d already implemented to shield users from potential OM-related risks. Going back to October 2024, Binance had already lowered leverage limits for OM trading. Then, starting in January 2025, they even added pop-up warnings on the OM spot trading page to make sure users were aware of significant shifts in the token’s supply and how it works.

Adding another layer to the story, blockchain sleuths at Lookonchain pointed out some intriguing on-chain activity. They noticed 17 wallets deposited a whopping $227 million worth of OM tokens onto exchanges just before the price collapse. That’s a massive dump, representing about 4.5% of OM’s total circulating supply, and it likely poured fuel on the already burning fire.

As whispers of a possible “rug pull” began to circulate, Binance reassured its users that they are keeping a close watch on the situation and will continue to take the necessary actions to safeguard traders.

In other crypto headlines today: 

Solana Continues its Climb Back to $140: Are the Bulls Roaring Again?