𝐒𝐡𝐨𝐜𝐤𝐢𝐧𝐠 𝐑𝐞𝐯𝐞𝐥𝐚𝐭𝐢𝐨𝐧𝐬 𝐀𝐫𝐨𝐮𝐧𝐝 𝐎𝐌 𝐓𝐨𝐤𝐞𝐧 🚨 😱
In 2023, the Mantra Foundation was planning to mint a new token, $AUM, and use it as a gas token.
But some third party convinced them to use the same OM token.
The reason was simple: OM was already listed on #Binance and other top exchanges; it was easy to create the hype and pump the token.
As the team controlled 90% of the OM token, it was easy for them to pump the token (FDV was also below $20 million).
In December 2023, just before the first price pump from $20M FDV to $100M FDV, the CEX supply dropped by 20% within a few days.
Less supply on exchange makes it easy to pump the prices.
But it is looking normal, right?
Here is the main problem 👇
The wallets that received the tokens started to redeposit the tokens on the exchange after a few months.
They dumped the tokens and booked profits.
The similar thing happened before the second pump in Feb 2024, when the $OM price jumped from $200M FDV to $1B FDV.
Approximately 25% of the CEX holdings were withdrawn immediately before the price pump, and all of them were dumped after a few months.
2 days ago, the price of the #OM token crashed 90% 📉🔻
The team completely denied any involvement in the token crash.
They are blaming CEXes for manipulation and price dumps.
Now the question remains the same: Who is the real culprit?
Credits - @OddEyeResearch
