As a seasoned crypto investor with a knack for spotting trends and interpreting market signals, I find myself both intrigued and cautious about Mantra’s OM token. The 30% rally was indeed impressive, but the subsequent drop to $3.81 raises some red flags. The report from IntoTheBlock, coupled with the large whale transfers and increased supply on exchanges, suggests that big players might be cashing out.
Yesterday, the token OM from Mantra saw a significant surge, climbing approximately 30% within a day. This remarkable rise took it to a record-breaking high of $4.52. However, indications that the initial upward trend might be slowing down are emerging as the price has dipped to $3.81.
Based on a report from IntoTheBlock, it appears that large institutional whales have been offloading their OM tokens. Over the period of November 14-17, the trading activity involving these significant investors saw a decrease of approximately 54%. This suggests that these big players are gradually reducing their holdings, potentially leading to a downward trend in the token’s price.
Recently, there have been significant transactions involving whales, such as one whale moving approximately 1.3 million dollars’ worth of OM to Binance, and another transferring tokens valued at around 534,000 dollars to OKX, according to data from LlamaFeed.
Concurrently, an increase of 2% in the supply of OM tokens has been observed on trading platforms over the past three days, as reported by CoinMarketCap. This could imply that investors are preparing to offload their OM tokens, given that they’re shifting from personal wallets to exchanges. Currently, approximately 900.9 million OM tokens with a total value of around $1.2 trillion can be found on these trading platforms.
Nevertheless, despite the dip in price, OM has had an exceptionally successful year. In fact, its value has skyrocketed approximately 20,000% during the past 12 months, resulting in a market capitalization of $3.8 billion. The surge in value began following hints from the Mantra team about a significant future announcement, which might involve a new collaboration, although the specifics remain undisclosed.
Based on Nansen’s findings, there’s been a 10% rise in the quantity of OM tokens traded on exchanges within the last week. Currently, approximately 17.8% of all OM tokens are being stored on these platforms. Given some indications that the token is overbought, it could be due for a correction soon, potentially even experiencing a further drop in price.
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2024-11-18 23:00