Whales, Panic, and a Failed Airdrop: Inside Mantra’s (OM) $400M Price Crash

Getting your Trinity Audio player ready...

While the broader crypto market saw a much-needed rebound, Mantra (OM) buckled under pressure, crashing nearly 90% within hours and leaving a trail of financial devastation. Investors, especially a group of newly activated wallets, suffered over $400 million in losses as OM’s price plunged unexpectedly.

According to Spotonchain, 19 wallets acquired 84.15 million OM tokens—worth $564.7 million—just three days before the crash. After the price nosedived, their holdings, now down to 69.08 million OM, are valued at only $62.2 million, locking in a staggering $406.3 million in losses.

Just within 3 days before the crash, this group of fresh $OM whales moved 14.27M $OM (~$91M) to #OKX at an average price of $6.375.

Back in late March, they had jointly scooped up 84.15M $OM from #Binance for ~$564.7M (avg. $6.711).

Now, after a brutal ~90% drop, their… https://t.co/H7EASdsZaG pic.twitter.com/VsePiGlStV

— Spot On Chain (@spotonchain) April 14, 2025

The crash comes amid high volatility in the crypto sector, partly fueled by geopolitical tensions between the U.S. and China. However, analysts believe internal market dynamics played a far greater role. A Lookonchain report revealed that 17 traders deposited around 4.5% of OM’s circulating supply—roughly 227 million tokens—just before the price collapse, likely triggering a cascade of forced liquidations.

Crypto analyst StarPlatinum likened the crash to the infamous LUNA debacle, citing failed airdrops, investor panic, and whale manipulation as key triggers. The OM price collapse reportedly wiped out nearly $6 billion from the wider market.

Addressing mounting concerns, Mantra co-founder John Patrick Mullin stated that the crash was not orchestrated by the core team, the MANTRA Chain Association, or its advisors. He emphasized that tokenomics remain unchanged and that most team-held tokens are still locked under vesting agreements.

Also Read: Mantra (OM) Token Crashes Over 90% in 24 Hours — Another LUNA-Style Collapse?

“This dislocation was not caused by the MANTRA team. Our wallets are transparent and untouched,” Mullin confirmed.

At the time of writing, OM trades at $0.80, with a market cap of $761.45 million—well below its recent highs. As investors regroup, market watchers now turn to technical analysts and institutional sentiment for insight on whether Mantra can stage a recovery.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.