Mantra token price plummets by more than 90% in 24 hours

Author: Vince Quill Source: Cointelegraph Translation: Shan Ouba, Golden Finance

The price of Mantra (OM) tokens has plummeted by more than 90% in the past 24 hours. Mantra is the native cryptocurrency of the Mantra real-world tokenized asset blockchain.

On April 13, Mantra's price fell from about $6.3 to below $0.50, and its market value evaporated by more than 90%, falling from $6 billion.

Some traders called the token collapse an obvious "leek cutting" behavior. Market investor Gordon wrote: "The team needs to solve this problem, otherwise OM looks like it may fall to zero. This is the biggest leek cutting event since LUNA/FTX?"

However, as of press time, the specific reason for the collapse of the OM token price is still unclear. Cointelegraph has reached out to the Mantra team for comment on the OM token crash but did not receive a response at the time of publication.

The incident follows several high-profile token crashes and cybersecurity incidents, including the Libra memecoin crash and the $1.4 billion Bybit hack, which resulted in billions of dollars in investor losses in early 2025.

Mantra team and co-founder responded

Mantra co-founder JP Mullin responded to the OM token crash and said that the project's Telegram group is still online. Mullin also added that the Mantra team's tokens are still managed by the team.

Mullin wrote in the X tweet: "We are here and will never disappear." And provided the verification address of the Mantra team's OM token.

The Mantra team also stated that the plunge in the price of OM tokens was caused by “reckless liquidation” and had nothing to do with the team’s actions.

Mantra’s recent tokenization initiatives in the Middle East  

In January 2025, Mantra signed a $1 billion agreement with investment group DAMAC to tokenize various assets of the investment group, including real estate, data centers and other physical properties, and deploy them on the Mantra blockchain.

In February 2025, Mantra obtained a Virtual Asset Service Provider license from the Dubai Virtual Asset Regulatory Authority (VARA).

The license allows Mantra to operate as a digital asset service provider in the United Arab Emirates (UAE), including running cryptocurrency exchanges, broker services, management and investment advisory businesses.

Mantra’s expansion in the UAE is driven by high demand for tokenized products from real estate investors and developers who seek new ways to finance projects and secure capital.

The near-instant finality times, reduced costs, and cross-border capabilities of tokenized real-world assets are among the reasons why investors are using blockchain to secure investments and facilitate capital formation.