Behind The Mantra (OM) Collapse: Glassnode Reveals The On-Chain Side Of Things
Mantra's value plummeted from over $6 to approximately $0.50 within hours, marking a 91% decline. On-chain metrics revealed no significant exchange inflows prior to the crash, indicating a lack of preemptive selling activity. Large deposits occurred only after the price drop, suggesting reactionary moves from investors. Exchange outflows spiked post-crash, with some withdrawals happening before the lowest price was reached, possibly due to liquidation or opportunistic buying. The top 1% of addresses reduced their share from 96.4% to 95.6% before the collapse. The Number of Transfers surged to around 1,400 in a 10-minute window, reflecting widespread trading activity. Active Addresses also increased, confirming that the selloff involved numerous participants.
