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Shocking Transfer in Altcoin Approaching Zero: It Had Been Stagnant for 1 Year, Moved Before the Collapse! - Coin Bulletin
Shane Shin's transfer of 2 million to the OM token caused a significant price drop in the token and raised suspicions among investors.
Shane Shin's 2 million transfer of OM tokens raised significant questions among investors. According to Lookonchain data, a wallet that had been inactive for a year transferred 2 million OM tokens to a wallet believed to belong to Shane Shin. Following this transfer, the reasons behind the 90% major price drops of OM tokens began to be discussed again.
MANTRA's OM token recently experienced a significant value loss of 90%. The team explained that this drop was caused by a major investor being forcibly liquidated on a centralized exchange. However, the association of Shane Shin's name with this incident has raised doubts about the situation. The connection between OM token, which was previously praised and later transferred, and Shin has become a notable point for investors looking for other reasons behind the price drops.
Lookonchain stated the following in its announcement:
Shane Shin's connection and the effects of the transfer
Shane Shin was one of the names publicly supporting the OM token. This situation has raised more questions in the eyes of investors about the future of the token. After the transfer of 2 million, Shin's influence on the project has started to be questioned more.
The MANTRA team attributes the sudden loss of value of the OM token entirely to the irresponsible position liquidations by centralized exchanges**, while Shane Shin's transfer and previous praises continue to be one of the dark points of the incident**.