"MANTRA(OM) plummets 90%, influenced by mass selling rather than whales... Signs of forced liquidation"

The recent plunge in MANTRA(OM) tokens is analyzed as a result of a combination of forced liquidation in the derivatives market and mass selling by many investors.

Earlier this morning, the price of OM tokens plummeted from about $6.3 to $0.4 in just one hour. Approximately 8 trillion won in market capitalization evaporated. This is also evaluated as the largest drop since the Terra·Luna incident in 2022.

On the 14th, the on-chain data analysis platform Glassnode stated on X (formerly Twitter) that "MANTRA's realized market capitalization decreased by 20% (about $740 million) from 18:30 (local time) the previous day to 03:10 (local time) today," analyzing that "this seems to reflect forced liquidation or large-scale selling flows."

Furthermore, "the number of OM transfers surged at the time of the price plunge, reaching 1,400 in 10 minutes," adding that "this suggests that the selling pressure was not limited to a few (whales) but that more market participants reacted en masse."

In particular, the proportion of OM held by the top 1% of addresses slightly decreased from about 96.4% just before the plunge to 95.6% afterward. Glassnode reported that "this figure excludes centralized exchanges, teams, and contract addresses, suggesting that some large holders have liquidated or restructured their positions."

Additionally, after the OM price plummeted, there was a significant increase in the movement of assets from exchanges to external wallets. This is interpreted as some investors withdrawing assets after forced liquidation or moving them to safer wallets after buying at a significantly lower price.