A recent report from blockchain analytics firm Glassnode sheds light on the sudden plunge of the Mantra cryptocurrency, revealing that market pressures and panic selling played a major role rather than early investor withdrawals. 💸 🤯
Glassnode points to large investors (commonly known as whales) unloading OM tokens just before the price drop, which triggered a chain reaction impacting smaller investors who were forced to liquidate their holdings. This accelerated the decline.
Despite these offloading events by major holders, the top 1% of wallets experienced a slight reduction in control over the token supply, showcasing that even these influential figures were selling their assets. 📈
Increased on-chain activity also suggests a surge in panicked sell orders during the event, as evidenced by noticeable rises in OM token transfers.
Mantra’s CEO has hinted at potential market manipulation on specific exchanges but didn’t name names.