OM(G), WTF just happened to Mantra?
That project looked so good. It is the best RWA project so far, and RWA is the future, so...
This last year I bought almost 400 tokens, sure that is a baby bag, but it was this baby's bag and by January it was this baby´s biggest bag.
Now, if you have been crypto woke you know what happened last Sunday!
My bag would have gone down 90%???
My biggest bag???
And it it did...it did go down 90%
I would have been holding 200 euros in Mantra, instead of the 6 euros I am holding atm.
Remember that lovely Lunar Crash in 2022 that started the Bear Market, it happened again in 2025!
OM better known as Mantra did a Luna and went from 5 Billion Dollar market cap to a shitcoin worth 500 million???
From being a Top 20 coin and a Gem according to many finfluencers, to #101 and worth a little more than toilet paper.
On Luna, I made back all my losses on the rebound and selling that rebound, on OM I did not have to.
But first, what happened?
A wallet, allegedly linked to the Mantra team, transferred 3.9 million tokens to the OKX platform. This immediately raised suspicions, as the team controls around 90% of the total token supply.
Then users discovered that at least 17 wallets, including two associated with Laser Digital, sent large amounts of OM to exchanges shortly before the crash???
On top of that, Mantra OM’s tokenomics model had been changed significantly since October 2024. The top 10 accounts controlled more than 52% of the token supply, making it a perfect pump & dump.
And just look what happened since October:
All those tokens I bought at less than a dollar moved up like little mofos on speed???
I did not know what I was holding, but I loved what I was seeing!!!
Unfortunately, it did not go as I planned, because I planned to sell just when this token was doing a 2.5 X on my investment.
But I promised myself to start selling when Trump would win the presidency, and as the world knows by now....he did.
Now I remember that Luna also had this hype moment just before the crash, and so did Mantra.
Till a few weeks ago, it was the hit of Q1, but when I read that soon the airdrop would take place, I got nervous.
In the end, the airdrop was the giveaway because 70% of Users Who Bridged Tokens Were Ineligible For Rewards.
Please, don´t think I am a genius. I am, but that is beside the point. I did not know this all in advance, but a token that rises that fast in a market that is kinda stable or even going down.... that is a sell in my book.
And so I kept selling.
But while writing about what about what a non decentralized piece of shit PI tokens were. I did not check how diluted OM really was, while normally I do, but on this one I just invested in the RWA hype train.
When I started buying OM had not left the station, and so I picked them.
I started in June and ended up with an average buying price of 88 euro cents. So that was really my first 10X token this cycle. I had a 350 euro investment in Mantra (OM), and as you could have seen, I took out 1890 euros.
To be honest it was timing, planning and dumb luck plus not wanting to be greedy that saved my baby butt.
But there was one more thing, these last few weeks OM did not move. If BTC went up, it was red; if all went down, OM was still holding its position.
That was a tell-tale sign I noticed and one that drove me to sell almost everything at 6 Euro.
Mantra was the RWA Hit of early 2025, while it was released in 2021. It did not reach 10 cents till that lovely little Alt Season in Feb/Mar 2024.
It did a 10X to a Euro by the time Trump got elected, and then another 8X.
I am sure with hindsight we will get news that more warning signs were there, but: Hey, welcome to crypto, where taking profit is never a bad idea.
Now you are all a bunch of gold diggers like me, wondering if it is worth buying the dip.
Sunday night I wanted to buy the dip at $1, but I waited....price dropped to $0.40 at the lowest and then rebounded to above $1.
My exchange did not allow me to buy at $1, then when I saw that 50 cent mark, I was happy I did not put anything into this falling knife, and I decided to research first.
When it quickly came back up on rebound viagra, I was like....,
But with my first plan to buy at $1, I would have broken sort of even. Hence no buy for me DYOR first; I read up on the explanation the COE gave, and I got this Do Kwon taste.
Because Luna did a rebound, and then went to sub-zero soon after.
Still, I bought some dip, just in case this was a serious escalation of liquidations, as the CEO keeps claiming and blaming centralized exchanges...but saying:
“It was definitely NOT Binance.”
Then there is cyber sleuth ZachXBT, who uncovered:
“The two names I keep hearing tied to the Mantra incident are Denko (Reef Finance founder) and Fukogoryushu as they had allegedly been reaching out to a number of people asking for massive loans against their OM in the days leading up to the -90% crash.”
I prefer Data to distinguish if I should or should not buy the dip:
That does not look like there was a big dump of tokens on the exchanges prior to the dump, only afterwards.
The supply held by the 1% top wallets did show some movement, but also not too serious:
Although it does look like some peeps knew something was about to happen, but looking at the percentages, it´s just from 96.4% to 95.6%.
Based on all I know now, I bought a bit of dip. Just thinking this still might be the best RWA project around, but will it get back to 8 euros after this disgrace?
Welcome to crypto, where stranger things have happened and no one ever knows.
Personally, I don't bet on it, I bought at 70 cents and currently that is 50 cents and IDC
I bought $18 in the hope of taking out 50, but expecting to lose 18 dollars, 1 percent of all I took out of this token is a tip, a tip of faith...
I took my profit, and this project proved that nobody ever lost money taking profit, and it underlines my Mantra: sell on the way up!
But don´t look back in anger...
Thank goodness you made it till the end Pees, Love, and I am out of here!
