Mantra vs. Pi Coin: Are We Watching the Same Movie Twice?
The crypto market has seen its fair share of dramatic crashes, and Mantra’s recent nosedive added another chapter to that story.
A couple of days ago, OM, the native token of Mantra, collapsed nearly 90% within minutes, dropping from above $6 to below $0.50. This plunge was largely driven by a wave of forced liquidations during a period of low liquidity, exposing just how fragile the ecosystem had become.
The fact that a handful of wallets controlled a substantial portion of OM only intensified the damage. In a bid to contain the fallout, Mantra’s CEO John Patrick Mullin announced that he would burn his personal allocation of tokens, a move aimed at rebuilding trust.
Although the price has since recovered slightly, the scars remain. The crash raised hard questions about the protocol’s internal risk management and the concentration of wealth among insiders.
Meanwhile, Pi Network’s struggles have played out more slowly, but no less seriously. Once hyped as a revolutionary way to bring crypto mining to the masses via mobile phones, the PI token has seen a steady decline in value since peaking near $3 earlier this year. It now trades below $1, weighed down by delays in the launch of its open mainnet, an absence of clear communication from its team, and a lack of listings on major exchanges like Binance. While the project still has a large community of hopeful supporters, the fundamentals have not improved.
A growing supply of unlocked tokens has added downward pressure on the price, and analysts remain divided over whether the token can stage a meaningful recovery. The lack of decentralization and transparency continues to be a sticking point, especially when compared to more open protocols.
Though both tokens are down, the reasons and the trajectories differ. Mantra suffered a violent collapse triggered by market mechanics and structural concentration, but responded quickly with damage control measures.
Pi, on the other hand, appears to be fading under the weight of its own delays and design flaws. That raises a central question: could Pi be headed toward the same fate as Mantra, or worse? If it fails to deliver on its long-promised mainnet and doesn’t address growing doubts around governance, its slow bleed may turn into a larger crisis.
As for Mantra, the token burn and leadership’s transparency have bought it some time. But whether OM can truly bounce back depends on restoring broader confidence and preventing similar breakdowns in the future. Both cases underline a common lesson in crypto—hype and community aren’t enough without robust infrastructure, fair tokenomics, and clear communication. Mantra may still have a shot at redemption. Pi’s future, however, remains caught in a fog of uncertainty.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
