Glassnode's Mantra (OM) Coin Report: Pre-Crash Sales Draw Attention! - Coin Bulletin

The selling trend of large investors holding 1% of the total supply may have triggered the drop in the OM price.

The recent Mantra (OM) price dump offers interesting clues when evaluated alongside on-chain data. According to data provided by the chain analysis platform Glassnode, prior to the price drop, large investors known as whales sold off a portion of their OM tokens. These sales created a panic atmosphere in the market, resulting in a significant loss in value as small investors also joined this movement.

Just before the price drop, the ratio of wallets holding the largest 1% of the OM supply decreased from approximately 96.4% to 95.6%. Although this drop is not the largest movement in recent times, it indicates a notable change. When calculating this ratio, central exchanges (CEX), the project team, and wallets belonging to smart contracts were excluded. This indicates that the change is directly sourced from individual large investors.

740 million dollars drop in 20 hours

The Realized Cap metric showing the total cost of OM on the chain experienced a 740 million dollar get dumped within just 20 hours. The 20% decrease in this metric indicates strong selling pressures such as mass selling or forced liquidation (liquidation). During the same time frame, the number of transfers skyrocketed, exceeding 1,400 in just a 10-minute period.

This intense transfer activity also led to a peak in the number of active addresses. It was observed that many different investors were involved in this dump with a total of 574 active addresses. This indicates that the wave of selling was not limited to just a few large wallets, but rather represents a broader reaction.

Attention-grabbing accumulation levels

Glassnode data reveals that the largest accumulation zone for OM is currently significantly below the spot price, forming at 0.05 dollars. Approximately 26 million OM held by early investors dating back to May 2022 are in this zone. In contrast, the highest concentration is formed at 6.66 dollars with around 197 million OM. This situation indicates that long-term investors may have faced serious losses.