The price of the Mantra token has seen a significant collapse, plummeting over 90% within a 24-hour period. The native cryptocurrency of the Mantra real-world tokenized asset blockchain fell sharply from around $6.30 to below $0.50, resulting in a loss of over $5.5 billion from its market cap of $6 billion. Traders are likening this incident to the notorious LUNA crash, with some expressing suspicions that it could be a rug pull. Mantra's abrupt price drop and market reaction highlight the volatility in cryptocurrency markets and the potential risks associated with investment in such assets.

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