The native token of Mantra, OM, experienced a dramatic intraday crash of over 90%, plummeting as low as $0.4222 before recovering slightly. This significant drop has prompted Binance to offer an explanation for the price instability. Binance attributed the sudden downturn primarily to cross-exchange liquidations, where heavy selling pressure occurs across multiple exchanges simultaneously, potentially triggering cascading price drops. The platform also highlights proactive steps taken to mitigate risks associated with OM trading. Since October 2024, Binance has reduced trading leverage levels for OM, and in January 2025, it implemented pop-up warnings on OM’s spot trading page to alert users about major supply and tokenomics changes. The dramatic drop came after a notable influx of OM tokens into exchanges just before the crash. Notably, a blockchain tracker identified 17 wallets depositing $227 million worth of OM tokens shortly before the event – representing almost 4.5% of the token’s total circulating supply. This large dumping action likely added fuel to the price fire. Binance reassured users that it is closely monitoring the situation and will continue to implement protective measures for traders. Looking for more crypto news? Check out our latest coverage on Solana’s progress towards $140, with reports suggesting a potential bullish trend.