Whale’s Huge $10M Loss on OM: Deposits 1.724M Mantra into Binance Amid Losses

A major whale has made a significant move in the Mantra (OM) market, attracting curiosity among crypto market participants. Today crypto analyst, The Data Nerd, has reported a substantial transfer of 1.724 million OM into Binance, leaving the whale with big losses.

Whale panic as Mantra market down

Last month, this whale bought 2.9 million OM tokens for $18.7 million at an average price of $6.45 per coin, according to data shared by the Data Nerd.

Two days ago, he deposited 1.724 million OM worth $1 million into Binance. These huge transfers could have been triggered by a recent, massive price drop of over 90% just two weeks ago. These deposits show selling intentions, possibly to use the funds for other investment purposes or trading activities.

However, if this whale decides to sell his entire 2.9 million OM tokens, he will have a realized loss of $10.11 million (91% ROI loss). Currently, he still holds 1.173 million OM coins valued at $595,000 with an unrealized loss of $6.97 million.

Whale activities, like this one, are always keenly observed in the virtual currency market because they can substantial impact on price movements.   Such enormous deposits suggest a possible lack of confidence in the Mantra market or simply show intent to sell (as highlighted above). In whichever way, this could cause greater market instability and potentially cause more selling pressure.

Mantra announces token burning process

Today’s trading chart shows a tremendous price fall in the Mantra market. The asset’s price has been down 15.7%, 92.0%, 92.0%, and 34.3% over the past week, two weeks, one month, and one year, respectively. This immense downtrend has been triggered by increasing selling pressure due to panic among token holders.

Last week, on April 13, Mantra’s price crashed , causing the asset to lose more than 90% of its value and wiping out over $5.5 billion in market valuation. The collapse caused fear and bearish sentiment among investors and traders.

Today, Mantra’s CEO announced a token burn program aiming to restore users’ confidence after the massive plunge. The company is currently working on a plan to initiate a burn of huge 300 OM million tokens (on April 29) to decrease the overall supply and enhance staking profitability.

The token is currently trading at $0.5073, down 1.6% from yesterday. With the ongoing token-burning process in place, Mantra could experience a rebound and a possible price rise in the coming weeks.