Crypto Market Turmoil: OM big dump Triggers Chain Reaction

Recently, the crypto market has experienced a severe fluctuation, with multiple sectors generally falling. Among them, the native token OM of the MANTRA project suddenly fell by over 85%, causing the Real World Asset (RWA) sector to drop nearly 45% within 24 hours. MANTRA's official explanation attributes this to "disorderly liquidation" rather than actions by the project team.

This event has raised concerns in the market regarding the OM token and the MANTRA project. Analysts have pointed out that the total value locked (TVL) in the MANTRA protocol is only about $13 million, while its fully diluted valuation reaches as high as $9.5 billion, indicating a significant disparity that may signal potential risks. Furthermore, observers have noted that a large amount of OM tokens have recently been transferred to centralized exchanges, suggesting a possible large-scale sell-off.

Against this backdrop, the price of Bitcoin also experienced fluctuations, once falling below $84,000. However, the options market shows that traders remain optimistic, with $100,000 call options becoming the most popular choice, accounting for more than 75% of global options activity.

Meanwhile, other cryptocurrencies are showing different trends. Ethereum has seen a slight fall but still maintains the 1600 dollar mark. TRON and some payment-related tokens like Bitcoin Cash and Litecoin are rising against the trend.

In terms of project dynamics, members of the Ethereum Foundation shared a simplified roadmap, focusing on expanding blobs, enhancing L1, and improving user experience. The co-founder of the Jupiter project also revealed that a large number of new products and concepts will be launched in the coming months.

In addition, the Japanese listed company Metaplanet announced an increase of 319 Bitcoins, and the American listed company Janover also increased a large amount of Solana tokens, showing the continued interest of institutional investors in encryption assets.

Despite the significant fluctuations in the market, innovation and investment activities continue. The DePIN project Solix DePIN has completed a $29.5 million financing round for the development of smart bandwidth sharing technology. This indicates that even during turbulent market times, the development and application of blockchain technology are still progressing steadily.