The OM token is used within the Mantra platform for governance, staking, lending, and borrowing. Users can stake OM to support network security and earn passive income, while also participating in protocol governance.
OM has fallen by 88.67% in the last 24 hours and, at the time of writing, is among the biggest losers of the day.
On Sunday, OM crashed nearly 90% within a few hours, dropping from $5.21 to $0.50. The sharp decline triggered major concern among investors, with the project team attributing the collapse to “reckless liquidations.”
Co-founder John Patrick Mullin explained that a large OM investor was forcibly liquidated on a centralized exchange, which may have triggered the crash. While the team denied initiating any sales, the sudden closure of the project’s Telegram group further eroded investor confidence.
The drop occurred during a period of low liquidity, potentially amplifying the price impact and volatility.
