Mantra DAO (OM) has had a turbulent journey in the cryptocurrency space. The project, which initially showed promise with various DeFi services such as staking, lending, and launching an IDO, is now facing major challenges after a drastic price drop.

OM's Crash
On April 13, 2025, the price of the OM token plunged by 98% in less than an hour, from around $6 to $0.57. This event wiped out more than $6 billion in market capitalization in an instant. Some have accused an internal group known as the "Kabal team" of dumping tokens, while official communication channels were closed and the CEO was unresponsive.

Centralization Issues and Controversies
Before the price crash, the project had been criticized for centralizing control and inflation of the token supply. Some community members have also accused Mantra DAO's founders of being involved in a troubled ICO in 2017 and having a questionable background.​

OM v2 Recovery and Update Efforts
After the crash, Mantra DAO launched a new version of its token, OM v2, with a maximum supply capped at 888,888,888 tokens. The migration process from OM v1 to OM v2 can be done through their official migration application. ​

Price Spike and Strategic Partnerships
Despite the challenges, OM experienced a significant price spike. In February 2025, the token price reached $6.08, driven by a strategic partnership with Google Cloud that improved the scalability and security of the network. In addition, the activity of large investors (whales) who bought tokens in large quantities also helped push the price up.