Mantra (OM) saw a sudden and dramatic price crash recently, drawing widespread attention across the crypto community.
While speculation initially pointed to early investors cashing out, blockchain analytics firm Glassnode attributes the plunge to broader market pressures and panic selling.
According to Glassnode, large holders—commonly referred to as whales—began offloading OM tokens just before the drop, sparking a chain reaction among smaller investors. This led to forced liquidations and accelerated the decline.
Data shows the concentration of OM supply held by the top 1% of wallets fell from 96.4% to 95.6%, confirming that even major holders were selling. However, Glassnode emphasizes these sellers were not early backers of the project.
Increased on-chain activity also suggests panic-driven exits, with a noticeable rise in OM token transfers during the sell-off. The Mantra CEO has hinted at possible market manipulation on a specific exchange, though no names were mentioned.
Alexander Zdravkov
Reporter at Coindoo
Alexander Zdravkov is passionate about questions of meaning. He is a fluent German speaker as well as He has been in the crypto space for more than three years and has an eye for spotting emerging trends in the world of digital currencies. Whether providing in-depth analysis or reporting on all topics on a daily basis, his deep understanding and enthusiasm for what he does makes him a valuable addition to the team.
Source: https://coindoo.com/glassnode-report-reveals-what-really-crashed-mantra/