A sharp decline in the value of $OM cryptocurrency has been observed, plummeting below the $1 mark today, according to data from PANews and analysis by Glassnode. This downturn saw a substantial transaction volume – 38 million tokens valued at an average price of $0.71 – move from wallets onto exchanges within hours, hinting at potential panic selling or arbitrage activities. Notably, the top 1% holding ratio has decreased from 96.4% to 95.6%, suggesting that prominent investors are selling or liquidating their holdings. The realized market value of $OM also plummeted by approximately $740 million within a short period. This wave of sales wasn’t driven by early adopters but rather reflects a broader market response to the current volatile conditions.