The MANTRA token experienced a devastating price drop of over 80%, wiping out more than $5 billion in market capitalization within 24 hours. The cause is still unclear, but team members are facing accusations and scrutiny due to potential liquidations. 24-hour trading volume surged as investors reacted to the sudden crash. The MANTRA token’s price plummeted by over 90% from its previous high of $6 yesterday to a low of $0.4325, leaving many wondering what triggered this dramatic shift. While the team is working to understand the contributing factors behind the crash, rumors of massive forced liquidations have emerged, leading to concern amongst token holders. MANTRA co-founder JP Mullin addressed these concerns by clarifying that their Telegram account remains active and that the team’s crypto holdings are verifiable on the public blockchain. The team also emphasized their commitment to investigating the incident and addressing the market volatility. MANTRA’s TVL is currently at $3.28 million, highlighting a relatively small size for its fully diluted value (FDV) of $1.59 billion, raising questions about the long-term sustainability of this blockchain project. While the official MANTRA account claims reckless liquidations are the primary cause of the price drop, some community members suspect that large transactions involving OM tokens by unknown wallets could be contributing to the volatility. The MANTRA token’s recent plunge follows several high-profile events in the crypto industry, including the Libra memecoin controversy and the Bybit hack. As investigations into the latest crash continue, it remains to be seen how the team will address these concerns and mitigate further market instability.