🚨 Shocking collapse of the OM coin: Losing 93% of its value in hours!

🚨 Shocking collapse of the OM coin: Losing 93% of its value in hours!​

The Mantra (OM) digital currency experienced a dramatic collapse during the past hours, as its value fell from $ 6.4 to $ 0.5, resulting in the loss of about $ 6 billion of its market value in less than 24 hours.

🔍 Possible causes of the collapse:

1. Forced liquidation from centralized exchanges: Mantra co-founder John Patrick Mullen blamed forced liquidations by some centralized exchanges during periods of low liquidity for accelerating the collapse.
2. Accusations of insider selling: Allegations have emerged that an insider has offloaded his cryptocurrency holdings, sparking widespread controversy in the digital community.Bitcoin News
3. Declining confidence in the project: Despite Mantra's high-profile partnerships, such as collaborations with Google Cloud and DAMAC, this sudden collapse has cast a shadow over the project's reputation and raised questions about its stability.Invezz

📉 Impacts on the market:

• The coin's market capitalization dropped from $6.3 billion to about $480 million within an hour
• The collapse sparked panic among investors, with comparisons to previous collapses such as Terra LUNA and FTX.Invezz

🔮 What's next?

Mantra announced the launch of an internal investigation into the causes of the collapse, with a promise to share the results with the community. Plans for an open discussion to address concerns and restore trust have also been announced

📌 Conclusion:

The collapse of the OM currency is a stark reminder of the risks associated with investing in cryptocurrencies, especially those that rely on centralized exchanges. Investors should exercise caution and conduct thorough research before making investment decisions.Invezz

For up-to-the-minute updates, join the Mr. Amwal Telegram channel

Telegram Mr. Money