• MANTRA token price fell by more than 80% in the last 24 hours. 
  • Team blames reckless liquidations and ensures their token holdings remain in custody. 

The saying, “There’s never a dull day in crypto,” proves itself again and again. When the MANTRA token price suddenly crashed by over 90% in just 1 hour yesterday, the community’s attention turned towards this layer 1 token. The reason behind the token crash is still unknown. 

MANTRA Token Wiped Out Over $5B in 24 Hours, Liquidations to Blame? image 0 MANTRA Token Price (Source: CoinMarketCap )

MANTRA token is trading at $0.8663 at press time with an 86.11% drop in the last 24 hours. It was trading above the $6 price level yesterday before going on a free fall and crashing by over 90% to $0.4325. This incident wiped out more than $5 billion in market capitalization from the crypto market. However, the 24-hour trading volume is up by a remarkable 2,937%. 

The reason behind the MANTRA token crash is unknown, raising suspicions regarding its team. Crypto multi-millionaire Gordon made a post on the same and pushed the team to address the situation. He doubted that the team held a large amount of the token supply and sold everything, which triggered the current downfall. 

MANTRA Team Blames Reckless Liquidations for Token Crash

Guys let's get a couple things straight:

– The TG was not deleted.
– The Team tokens all remain in custody, verifiable at this address – mantra1yejpacug78zuqkzwwuc94c0a2al4mz4yfqquam
– We are actively figuring out why these massive forced liquidations occurred and will provide…

— JP Mullin (🕉, 🏘️) (@jp_mullin888) April 13, 2025

MANTRA team co-founder JP Mullin finally responded through his post on X earlier today. He clarified that their Telegram account was not deleted. Busting all the myths regarding team sell-off, he posted the team’s wallet address for the crypto community to verify their MANTRA token holdings. 

Mullin ensured the team is actively searching for the reason behind this price crash and why massive liquidations took place. Even the official X account of the MANTRA said the token is fundamentally strong. It said that the price drop is triggered by reckless liquidations. 

The co-founder and the team responded to the situation promptly, but the incident caused fear among MANTRA token holders. This might lead to further token sell-offs, which could lead to a further price drop. 

MANTRA has a TVL of only $3.28 million. But, its fully diluted value (FDV) is $1.59 billion, as per DefiLlama . This is a serious concern for a layer 1 blockchain such as MantraChain. On the other hand, one X user named Insomniac identified some wallet addresses that recently made large transactions of OM tokens. These transactions might be token sales and possibly contribute to the present price crash. 

The MANTRA token crash is a huge downfall after some of the recent controversies, such as Libra memecoin and the Bybit hack. We might have to wait to know what triggered the crash and what action the team takes to mitigate repercussions. 

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