The Mantra Om Coin price is putting hope in investors eyes after crashing 90% few days ago. As of now, many investors believe the token is going back on track as its price has pumped 60% in the last 24 hours.
While volatility was expected due to the massive crash, the 60% hike was not too so soon after the crash. At the time of writing, the token price has reached $0.8181, with a market cap of $798.83 million and a trading volume of $1.5 billion.Â
This surge follows a sharp 93% drop just a day ago, marking a dramatic turnaround for the token. The sudden drop in OM’s price began early Monday morning when the token experienced a steep decline, plummeting over 90%.
However, by Tuesday night, the coin had managed to recover slightly, pumping over 60%. But looking at the price at which it crashed, it still has to show much more strength to regain investor confidence.
This price pump can be due to buying pressure created by traders looking for a relief bounce that occurs a lot of time after such a huge crash.
The mantra crash was blamed on Binance, with social media sleuths targeting Binance high token transactions for the OM token. Reports suggested that Binance restricted liquidity for OM, possibly contributing to the coin’s initial crash. This triggered further uncertainty among investors, who were unsure about the token’s future on major exchanges.
However, Binance denied these allegations, citing that they were only closing their staking contract because its period was over, and no sell-off was initiated by them.
Mantra’s (OM) turnaround is probably on account of having a solid underpinning in real-world asset (RWA) tokenization, with the partnership with DAMAC Group as a major deal increasing its penetration in the Middle East. This provides OM a distinctive advantage within the expanding tokenized assets market, different from speculation coins.
Also, the transparency of the Mantra team in the crash, citing it was caused by forced liquidations on exchanges, contributed to the recovery of investor confidence. Having experienced robust rebounds and institutions backing it, OM could be on the rise again as market expansion for RWA tokenization continues.
Also Read: Top 5 Reasons Why MANTRA (OM) can Rise again despite 90% Crash
