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The cryptocurrency project Mantra is coming under increasing suspicion after its OM token shed 90% of its value within a single day. The value dropped from $6.27 to only $0.72, erasing more than $5 billion in market value. What transpired next only served to worsen the situation.

Based on blockchain data, Mantra DAO—the project’s behind-the-scenes organization—sent $26.95 million of OM tokens to a Binance wallet on Monday, April 14. This is just after the price’s massive dump, which triggered red flags among observers.

Detractors cite a disturbing fact: the Mantra team owns around 90% of all OM tokens. The high concentration of ownership and timing of the exchange transfers have fueled accusations of potential insider selling.

With 90% already dumped in $OM, it seems like the $OM team is about to sell more.

2 hours ago, the @MANTRA_Chain DAO staked wallet sent 38M $OM ($26.96M) to #Binance Cold Wallet.https://t.co/nSttgmuqzg pic.twitter.com/Vsc2q346fC

— Onchain Lens (@OnchainLens) April 14, 2025

Mantra CEO Denies Token Dumping Accusations

Mantra chief executive JP Mullin has rebutted such allegations. He said the team and investors didn’t dump their holdings during the crash.

Instead, Mullin attributed the price decline to “forced liquidations” instigated by cryptocurrency exchanges. Such liquidations occur when exchanges sell traders’ holdings automatically after they are unable to cover margin calls.

But his account is not to everyone’s liking. Various independent analysts have monitored suspicious token transfers that point to a different narrative.

OM price has sustained a steep drop in the last week. Source: CoinMarketCap

On-Chain Detective Work Reveals Suspicious Transfers

Crypto analyst Max Brown found that Mantra transferred nearly 4 million OM tokens to cryptocurrency exchange OKX shortly before prices began to decline.

The problem for investigators is that once tokens are moved to centralized exchanges like Binance or OKX, they become much more challenging to trace. This is essentially a blind spot where the tokens can be disposed of while leaving behind no clear trail on public blockchains.

MANTRA CHAIN $OM CRASHED 90% IN AN HOUR AND $5.5 BILLION GOT WIPED OUT.

HERE’S HOW AND WHY IT COULD HAVE POSSIBLY HAPPENED

IT ALL STARTED YESTERDAY WHEN A POSSIBLE $OM TEAM WALLET DEPOSITED 3.9 MILLION OM TOKENS ON OKX.

IT WAS WELL KNOWN IN THE CRYPTO SPACE THAT OM TEAM… pic.twitter.com/9ZQNw4Yrla

— Max Brown (@MaxBrownBTC) April 13, 2025

While analysts cannot prove it for a fact that insiders sold off tokens, the gradient of movements into exchanges just ahead of the price tumble certainly gives room for serious doubt.

Exchanges Provide Varying Account Of The Crash

Major cryptocurrency exchanges launched investigations as to what triggered the spectacular fall of the OM token.

Binance, the largest crypto exchange in terms of trading volume, corroborates Mullin’s account. In early findings, they indicate cross-exchange liquidations most likely caused the crash, which would support the CEO’s explanation.

OKX paints a different picture. The exchange cited “major changes” in OM’s tokenomics as a possible cause. They also noted that multiple blockchain addresses had sent large quantities of tokens to exchanges during the time of the crash.

The contradicting accounts by various players in the market have left investors uncertain about what actually transpired. With $5 billion of market value lost and no certainty, confidence in the project has been severely undermined.

Featured image from Blueberry Markets, chart from TradingView

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XRP price has recorded marginal gains today and held its $2.15 support as the broader crypto market stayed in the green. Amid this, a top analyst revealed that Ripple’s coin may have already hit its bottom. However, he also highlighted some key conditions that the crypto must attain to confirm the bottom.

Meanwhile, another expert has also shared key insights and mathematical calculations, which showed how Ripple’s native crypto might hit the $15 ahead.

XRP Price Holds $2.15 Support: Has It Already Bottomed Out?

XRP price has added around 0.23% during writing and exchanged hands at $2.15, while its one-day volume fell 25% to $2.99 billion. Notably, the crypto’s current market cap stood at $125.33 billion and the token has touched a 24-hour high of $2.18.

Besides, CoinGlass data showed that XRP Futures Open Interest also rose 0.5%, reflecting renewed market confidence. Amid this, renowned analyst EGRAG CRYPTO suggests that XRP might have already hit its bottom on April 7. However, the analyst outlines some key conditions to confirm this trend reversal.

XRP Really Bottomed?

According to the pundit, Ripple’s coin must close a weekly full-body candle above $2.10, the 21-week EMA, and notably above $2.25. If these conditions are met, it would strongly confirm the bottoming out of XRP price. However, failure to achieve these conditions may lead to other market narratives emerging, the expert noted.

Meanwhile, despite the soaring discussions, another expert recently hinted that the crypto might hit $15, citing XRP ETF inflow as the key factor.

Ripple’s Coin To Hit $15? ETF Inflow Calculation Shows

In a recent analysis, market expert Zach Rector made a bold prediction that XRP price could reach $15 and beyond, driven by anticipated inflows from Exchange-Traded Funds (ETFs). According to Rector, JPMorgan’s estimate of $4 to $8 billion inflows into XRP ETFs in the first year could trigger a significant price surge.

A Closer Look Into The Calculation

Using his market cap multiplier model, Rector calculated that a conservative $4 billion inflow could lead to a 200x multiplier, resulting in an $800 billion increase in XRP’s market cap. Adding this to the current market cap of $125 billion would take the total market cap to $925 billion. With a circulating supply of 60 billion XRP tokens, this would translate to a price of $15.42 per token.

Rector’s analysis is based on the market cap multiplier theory, which measures how inflows can amplify an asset’s valuation. He cited a recent example where XRP’s market cap grew by $7.74 billion in just eight hours, fueled by a mere $12.87 million in inflows, resulting in a 601x multiplier.

While Rector’s prediction seems ambitious, industry leaders are growing more confident about the prospect of an XRP ETF. Ripple CEO has predicted that at least one XRP ETF could launch in the second half of 2025. If Rector’s analysis is correct, the anticipated ETF inflows could trigger a significant rally for XRP price, making $15 a realistic target.

Meanwhile, this also comes as Ripple’s coin continues to witness an influx, outshining BTC, ETH, SOL, and others. A recent report showed that XRP defied the broader market trend last week when the broader digital assets space noted an outflux of over $790 million.

Additionally, a recent Ripple price analysis also showed that the XRP ETF launch, among other factors, could trigger a short-term surge to $5.5 for the crypto. However, investors should exercise caution and conduct their own research before making any investment decisions.

But, this prediction seems to have sparked interest in the crypto community, with many eagerly awaiting the potential launch of XRP ETFs in 2025.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.