Yesterday, we witnessed a staggering 90% drop in the price of OM Coin. Following this, the CEO claimed he was unaware of the situation and had just woken up to the crisis. Binance officials, who couldn’t reach the Mantra team, had previously indicated that the situation was critical. Now, as another altcoin faces rapid decline, panic has set in among investors.
IP Coin Faces Sudden Decline
With increasing volume on Binance Futures and OKX spot markets, the price of Story (IP) Coin began to plummet. The activity following OM Coin’s drop has raised concerns among investors. As one of the recently listed cryptocurrencies , the investment cost for IP Coin is not minimal.
The origin of these sell-offs, whether from specific events or wallet holders, remains unclear. However, similar to the situation with OM Coin, we might experience a déjà vu as selling pressure increases. In the best-case scenario, investors may engage in panic selling to deepen the sales, anticipating this potential scenario.
Currently, after a sudden 21.5% drop, the price of IP Coin remains stagnant at $3.26. The support level of $3.72, which has not been broken since the end of February, could indicate that if this area is reclaimed, it will reflect investor support and a potential end to the selling pressure.
