Mantra (OM) Token Plummets 90% After $6 Billion Rug Pull

Mantra (OM) has faced significant challenges in the crypto market, with its token experiencing a sharp downturn that resulted in a market cap significantly lower than its previous highs. The project's efforts to recover from a $6 billion rug pull have been met with skepticism from investors, who are questioning whether Mantra (OM) can regain their trust after such drastic declines. The collapse of Mantra (OM) has been attributed to a pattern of concentrated wallet activity and low liquidity pools, which made the token highly vulnerable to sudden exits. On-chain sleuths identified one trader whose aggressive selling triggered a cascade of liquidations, highlighting the risks of low-float, high-hype tokens in an illiquid market environment. The incident has raised concerns about the need for stricter regulations in the crypto industry and has served as a wake-up call for projects like Pi Network, which has also faced allegations of transparency issues.

Grayscale, a digital asset manager, has shown renewed interest in altcoins, including Mantra (OM). The firm unveiled its updated list of assets under consideration for the second quarter of 2025, which featured several notable tokens, including MANTA. This update reflects Grayscale's growing thesis around emerging crypto trends and its recognition of renewed retail and institutional appetite for differentiated assets. However, inclusion in the list does not guarantee a fund launch, as it only indicates Grayscale's active research into these tokens. The expansion into 40 coins signals Grayscale's recognition of the growing interest in altcoins and its willingness to explore new opportunities in the crypto market.

Despite the challenges faced by Mantra (OM), the project continues to be a topic of discussion in the crypto community. The collapse of Mantra (OM) has highlighted the risks of low-float, high-hype tokens and the need for stricter regulations in the industry. The project's efforts to recover from the $6 billion rug pull have been met with skepticism, but the inclusion of MANTA in Grayscale's list of assets under consideration suggests that there is still interest in the token. As the crypto market continues to evolve, it will be interesting to see how Mantra (OM) and other altcoins navigate the challenges and opportunities that lie ahead.