Mantra Misses the Rally, Plunges Amid Ongoing Drama

Mantra totally whiffed on today's market surge, wiping out any early gains as the bad vibes just won't quit.

It's been weeks since the Mantra (OM) token imploded, and folks are still clamoring for some straight answers. On May 9th, while the rest of the market was popping off, OM took a 2.09% hit, limping along at $0.3667 and kissing those early gains goodbye.

Earlier that day, the token teased us with a high of $0.3923, hinting at a possible breakout. But nope, it's now slumping below both the 10-day and 20-day moving averages, clocking in at $0.40614 and $0.4666, respectively.

If Mantra could somehow claw back to those levels and hold steady, it might just turn the tide. But right now, the tech indicators and the mood in the room are dragging this token down, making a quick turnaround look like a long shot. Instead of breaking out, OM did a nosedive, keeping up that relentless slide we've been watching for weeks.

Investors Still Demanding Answers After Mantra's 95% Crash

Ever since that brutal 95% nosedive on April 13th, Mantra's been on a steady slide. This real-world asset token tanked out of nowhere, and while the team pointed fingers at the exchanges for botching the liquidity, the internet's been buzzing with a different story.

Digging into the blockchain, sleuths like Choze and Onchain Lens spotted some hefty transfers from Mantra's wallets straight to the exchanges. It's not a smoking gun, but a lot of the community's convinced it's a classic case of insider selling.

Adding fuel to the fire, there's chatter that the Mantra team's got a grip on up to 90% of the token's supply. Onchain Lens claims this kind of control let them juice OM's price for months on end.

With the crash and the heat turning up, CEO John Mullin promised to torch 150 million staked OM tokens from the team's stash. That's a chunk, but with 1.66 billion tokens floating around, it's just shy of 10% of the total supply.