In a jaw-dropping twist, a staggering $5.4 billion just evaporated from the market cap of MANTRA (OM), leaving investors in a state of panic. Talk about a bad day at the office! The OM token, once worth over $6, nosedived to a shocking 37 cents. Over 90% wiped out in a flash. Ouch.
The chaos wasn’t random. Forced liquidations on exchanges sent shockwaves through the market. With heavy selling pressure and a serious lack of buyer interest, it was like watching a car crash in slow motion.
Forced liquidations on exchanges triggered a market meltdown, creating a chaotic scene of heavy selling and vanishing buyer interest.
Technical indicators didn’t help either—bearish signals were everywhere. High ADX levels screamed “sell,” and the RSI dropped below 30, indicating a complete market meltdown. To add insult to injury, a significant transfer of coins to the OKX exchange was noted just before the crash. Coincidence? Maybe not.
This was bad. So bad it drew comparisons to the infamous Terra LUNA disaster, but here’s the kicker: unlike LUNA, OM isn’t showing any signs of bouncing back. It’s like a deflated balloon—totally lifeless.
Investors are clutching their wallets tighter than ever, showing more caution than optimism. It’s a familiar tune in the crypto world, reminiscent of past crashes that left no quick recoveries in sight.
Meanwhile, while the OM crash was a localized disaster, some other cryptocurrencies are actually holding steady. Go figure! In a world where $3.25 trillion evaporated from the stock market in a single day, suddenly, crypto is looking like a safer bet. The potential for high APYs in crypto is drawing investors to digital assets as a hedge against traditional market turmoil. It’s a wild shift, but it’s happening.
