Mantra Price Falls by 90%

Mantra, recognized as the second real-world asset token after Chainlink, has plummeted over 90% in the last 24 hours.

Recently, Mantra boasted a 640% gain over 12 months, but its market cap has now dropped from $6 billion to about $485 million.

Patrick Mullin, Mantra’s CEO, highlighted the company’s status as a fully compliant, end-to-end ecosystem for real-world asset tokenization and trading.

Fresh from securing a VASP license from Dubai’s VARA, Mantra intended to legally operate as a virtual asset exchange, but it’s unclear if recent downturns will affect these plans.

Mantra’s newly launched fund, MEF, aims to support real-world asset and DeFi projects globally for over four years. The company continues to focus on lending, borrowing, trading, asset management, derivatives, and infrastructure.

Additionally, Mantra signed a $1-billion tokenization deal with DAMAC Group, covering sectors like real estate, hospitality, and data centers.