A dramatic decline in the value of OM Coin, plummeting by an astonishing 90%, has sent shockwaves through the cryptocurrency market. In the wake of this unprecedented drop, the CEO of the company expressed his surprise, stating he was unaware of the situation until just recently. Meanwhile, officials from Binance revealed they had been unable to contact the Mantra team, further intensifying concerns about the crisis. This drastic downturn has evoked panic among traders, as another altcoin appears to be following suit.
Why Did IP Coin Go Down?
In the wake of OM Coin’s collapse, the price of Story (IP) Coin has also begun to spiral downwards, particularly with increased activity on Binance Futures and OKX spot markets. Investors are increasingly anxious about the ramifications of OM Coin’s fall, especially since IP Coin is a relatively new addition to the cryptocurrency roster and was not a cheap investment.
Will the Selling Pressure Continue?
The exact cause of the ongoing sell-offs remains ambiguous, leaving traders to speculate whether they stem from certain events or individual wallet holders. However, many are nervous that the situation may resemble the OM Coin crisis, with the potential for heightened panic selling to exacerbate the situation.
Currently, IP Coin has experienced a sharp 21.5% price drop, stabilizing at $3.26. The critical support level of $3.72, which has remained intact since late February, is now a focal point. If this threshold can be reclaimed, it might signify a resurgence of investor confidence and a potential cessation of selling pressure.
- The price of OM Coin crashed by 90%.
- The CEO claimed ignorance of the situation.
- IP Coin also faced a drop amid rising trading volumes.
- Support level for IP Coin is critical at $3.72.
The cryptocurrency landscape remains tense as traders await further developments. With the market reacting swiftly to recent events, vigilance is essential for those involved in cryptocurrency trading.
