Disclaimer: The following content is compiled from public sources and third-party on-chain analytics. It reflects only industry observations and does not constitute any investment advice or official position from BitTap. Users are advised to make prudent decisions and beware of market risks.
01｜OM Plunges Nearly 90% in 24 Hours, Triggering Widespread Concern
On April 14, data from CoinGecko showed that the MANTRA (OM) token experienced a dramatic 89.2% drop within 24 hours. The sudden price movement caused strong market reactions and community concern. The official team responded by claiming no direct connection to internal sales from the team, advisors, or investors, noting that the tokens remain locked and subject to vesting schedules.
Major exchanges responded as follows:
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Binance stated that the crash was caused by “cross-exchange liquidation” and highlighted that risk warnings and leverage limitations had been in place for OM since 2023.
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OKX reported that several large on-chain transfers had triggered alerts and that it had adjusted risk control parameters, also adding a new risk warning on OM trading.
02｜On-Chain Monitoring Reveals Large Transfers to Exchanges
Multiple on-chain analytics platforms reported that a series of addresses associated with OM had made large transfers to exchanges just days prior to the crash:
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Spot On Chain revealed that 19 wallets collectively transferred 14.27 million OM (worth ~$91 million) to OKX;
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The Data Nerd reported that five wallets moved a total of 24.4 million OM, some of which were speculated to be connected to Laser Digital;
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Lookonchain indicated that more than 43.6 million OM (approx. $227 million) had been deposited into exchanges since early April—equivalent to around 4.5% of OM’s circulating supply.
Such concentrated movements have amplified concerns over token unlocks and liquidity fragility.
03｜Token Model Adjustments Disrupt Market Expectations
According to official project updates, the MANTRA team recently made several major changes to OM’s token structure:
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Replaced ERC-20 OM with a native token on MANTRA Chain;
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Increased total token supply from 888 million to 1.777 billion;
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Introduced a 3% annual inflation mechanism to incentivize staking.
While the adjustments aimed to support long-term ecosystem growth, the lack of clear communication with the market may have led to concerns about inflation and potential value dilution.
04｜High On-Chain Concentration Raises Market Control Concerns
Some community analysts have raised concerns about OM’s on-chain distribution:
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Up to 90% of circulating OM is concentrated in a small number of wallets;
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The project used OTC-based promotions in its early phase;
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The actual circulating supply is only a small portion of its fully diluted valuation (FDV), raising transparency questions.
To address these issues, the project and certain investors have since published wallet addresses and clarified their recent on-chain activity.
05｜Early Governance Disputes Resurface in Public Discourse
Public records show that MANTRA’s predecessor, MANTRA DAO, was established in 2020 and faced governance disputes and audit issues. In 2022, it was sued by RioDeFi over asset control, leading to intervention by the Hong Kong High Court in early 2024, which ordered financial disclosures and governance clarifications.
This history has re-emerged as a topic of concern, especially amid the current price volatility, adding to the project's trust challenges.