Mantra ($OM) coin has not too long ago crashed by over 90% in the course of the previous 24 hours. As per the crypto market knowledge, the sheer collapse of the Mantra ($OM) coin has resulted within the drainage of up to $6B in market capitalization in the course of the latest twenty-four hours. Triggered by the broader market upheaval, the collapse of $OM has raised hypothesis and panic regarding a probable rug pull.

$OM Plunges by 90% Amid Rising Fears of Potential Rug Pull

Based mostly on the newest statistics, $OM, the native crypto coin of the Mantra blockchain, has plunged by 90% throughout the previous twenty-four hours. Wiping out above $6.30B within the case of market capitalization, the crypto coin has dipped under $0.50 by way of worth. Therefore, the group is now in a state of panic amid the rising suspicions of a possible rug pull.

A number of market onlookers have quickly drawn parallels between this occasion and the previous infamous crashes reminiscent of $FTX and $LUNA. The merchants urge the workforce behind the $OM coin to handle the respective state of affairs. At current, $OM seems to be heading to zero, highlighting the opportunity of an enormous rug pull following the above-mentioned crashes. Thus, this week has resulted in one other black mark on the considerably risky market of altcoins.

Mantra Co-Founder Assures Group about Untouched Standing of Crew’s $OM Holdings

On this, JP Mullin, the co-founder of the Mantra blockchain, addressed the group’s considerations about being “rugged.” He asserted that no rug pull occasion is occurring and the $OM cash of the workforce are nonetheless untouched. However, the Bitcoin ($BTC) and altcoin sectors are going by way of slight sideways actions amid the broader market uncertainty. A key position on this situation is performed by the mounting U.S.-China commerce tensions.