Mantra Token Faces continued decline Amid Market Rally
Mantra (OM) has not benefited from today’s market rally.Despite a broader uptick, OM’s price fell by 2.09%, trading at $0.3667. This decline erased earlier gains,showing the token’s struggle against negative sentiment.
Earlier, OM reached a high of $0.3923, hinting at a potential breakout. However, it’s now below its 10-day and 20-day moving averages of $0.40614 and $0.4666. If Mantra can reclaim these levels, it might signal a shift in momentum. For now, technical indicators and investor sentiment suggest a reversal is unlikely.
Investors are still seeking answers after Mantra’s 95% drop on April 13. The team initially blamed exchanges for liquidity issues. However, online investigators, like Choze and Onchain Lens, pointed to large wallet movements to exchanges. Many believe this indicates insider selling.
Concerns grew with allegations that the Mantra team controls up to 90% of the token supply. this control may have allowed them to artificially inflate OM’s price. In response, CEO John Mullin promised to burn 150 million staked OM tokens, about 10% of the total supply.
