The blockchain analysis platform Lookonchain reports significant transfers of OM tokens related to the Mantra project to major exchanges. These transfers occurred before a sudden price drop over the weekend, prompting scrutiny from cryptocurrency traders and commentators. The volume of transferred tokens raises potential issues of trust within the market.
Large Transfers Target Exchanges
According to Lookonchain data, at least 17 different wallets transferred a total of 43.6 million OM tokens to leading cryptocurrency exchanges such as Binance and OKX. The total value of these transfers amounts to millions of dollars, and the timing—just before a price collapse—raises questions about market behavior. The data is striking not only in terms of volume but also timing. Analysts emphasize that such transactions can directly influence price movements, recalling similar scenarios from the past. The rapid transfer of OM tokens to exchanges raises concerns about whether investors are under selling pressure or engaging in coordinated exits.
Suspicious Wallets and Denials
Some of the wallets involved in the transfers have been linked to Laser Digital, sparking further debate. Claims of “investor sales” circulating on social media have created speculative pressures on the market. However, Laser Digital has categorically denied these allegations. In a statement, the company asserted, “Laser has not deposited any OM tokens to OKX. The claims circulating on social media are misleading.” Additionally, Mantra CEO JP Mullin addressed the situation, attributing the sudden price drop to position closures during periods of low liquidity, arguing that this was not directly related to the project.
Price Drop and Market Value Loss
Following the weekend’s events, the OM token plummeted from $6.35 to $0.37, marking an approximate 94% decline. This dramatic loss in value led to a sharp contraction in the project’s market cap, which reportedly fell from $6.11 billion to $683.3 million. These rapid movements highlight the volatility inherent in the cryptocurrency market. Particularly, the timing of the transfers and activities of suspicious wallets have caused investors to reevaluate their risk perceptions. Market data underscores the necessity of paying attention to not just prices, but also on-chain metrics in cryptocurrency investments.
