- Cardano founder Charles Hoskinson took a jab at critics following Mantra’s OM token crash, highlighting ADA’s long-term stability amid the chaos.
- The OM token plunged over 90% amid transparency concerns, sparking debate over hype-driven investing in newer projects.
Cardano founder Charles Hoskinson has weighed in on the recent dramatic plunge of Mantra’s OM token, using the moment to remind critics of Cardano’s long-standing stability in an often volatile crypto market.
OM, the native token of the Mantra blockchain, plummeted by over 90% over the weekend—from $6.35 to a shocking $0.37—raising serious transparency concerns within the community. Speculation quickly mounted that the Mantra team had offloaded a significant portion of the token’s supply. Research analyst Choze alleged that up to 90% of OM’s 1.81 billion supply was under the team’s control and subsequently dumped, triggering widespread panic.
In an X post, Hoskinson didn’t dissect the OM collapse but instead threw shade at prominent crypto influencers who have historically dismissed Cardano. He mocked their calls to dollar-cost average (DCA) into what they hyped as “the next big thing,” suggesting Mantra was the latest flop in a long line of failed alternatives.
Also read: Charles Hoskinson Declares Cardano Fully Decentralized, Steps Back for Risky Expedition
The Cardano ecosystem, often criticized as a “ghost chain,” has consistently faced skepticism from analysts and investors alike. Critics like Raoul Pal have dismissed ADA as part of a “cult” alongside XRP, urging followers to chase newer tokens with higher perceived growth potential. Yet despite the noise, Cardano has maintained a stable trajectory and continued to build out its ecosystem without the drama surrounding many newer projects.
Meanwhile, Mantra’s team has denied wrongdoing. Co-founder JP Mullin claimed no tokens were dumped and blamed centralized exchanges for triggering a liquidation cascade during a low-liquidity period. Still, with OM continuing to slide—down another 22% today—the damage may be irreversible for now.
Hoskinson’s reaction serves as a stark reminder of the risks involved in chasing hype over fundamentals. As some investors lick their wounds from the OM fallout, others may find renewed respect for Cardano’s steady, if unglamorous, path forward.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before investing.
