Mantra Token Faces Continued Struggles Amidst Crypto Market Rally
Mantra (OM), a key player in Real World Asset tokenization, is struggling.Despite Bitcoin and other altcoins rallying, Mantra’s price remains at its lowest as March 2024. On Sunday, it traded at $0.5086, down 95% from its peak this year.
Investors are skeptical after a recent crash.The management blames an exchange’s forced liquidations, but users suspect insider dumping. They question why Mantra was the only coin affected.
John Patrick Mullin, interviewed by crypto.news before the crash, will update at TOKEN2049 in Dubai (April 30 – May 1). He’ll discuss new developments and a token burn. Mullin also aims to collaborate wiht the crypto community to prevent future forced liquidations.
Mantra plans to burn 300 OM tokens from its Treasury and implement a $109 million token buyback. These actions aim to boost the token price and rebuild investor trust. However, skepticism remains high.
Technical analysis shows the OM price has fallen below all moving averages,forming a bearish pennant pattern. This suggests further price drops, perhaps to $0.2330. Yet, like Celsius and FTX, Mantra could experience a short squeeze.
