Mantra’s token, OM, had a strong rally yesterday jumping over 30% in just 24 hours. It reached a new all-time high of $4.52 but signs that the momentum might be fading have started to show as the price drops to $3.81
According to a report from IntoTheBlock, large OM whales have started selling their tokens. Between November 14 and 17, the amount of OM being bought and sold by these large investors fell by 54%. This means big investors are starting to reduce their positions, which could lead to a drop in the token’s price.
There have also been some large whale transfers recently, including one whale transferring OM worth $1.3 million to Binance, and another sending tokens worth $534,000 to OKX, based on data from LlamaFeed.
At the same time, more OM tokens are showing up on exchanges. According to CoinMarketCap, the supply of OM on exchanges grew by 2% in the last three days. This means more OM tokens are being moved from private wallets to exchanges, likely signaling that investors are getting ready to sell. Right now, there are 900.9 million OM tokens worth around $1.2 trillion on exchanges.
However, even with the price pullback, OM has had an incredible year. The token has risen nearly 20,000% over the last 12 months, bringing its market cap to $3.8 billion. The rally started after the Mantra team teased an important upcoming announcement, possibly about a new partnership, though the details are still unclear.
According to Nansen, the amount of OM on exchanges has increased by 10% in the past week. Now, 17.8% of all OM tokens are held on exchanges. With some signs that the token is overbought, the price may correct soon, possibly falling further.
