Crypto Market Sees Minor Dip Amid $OM Token Burn Announcement and Security Issues

The recent developments have reportedly influenced the crypto market. Particularly, the sheer plunge of the Mantra ($OM) token has pushed the crypto market into a slight decline irrespective of the recent rebound based on the new announcement for token burn. Hence, the cumulative crypto market capitalization stands at $2.76T, showing a 2.23% dip while the Fear and Greed Index shows slight “fear” at 29.

Bitcoin ($BTC) and Ethereum ($ETH) See 2.25% and 3.25% Decline

Bitcoin ($BTC) is currently changing hands at $83,554, indicating a 2.25% decline over the past 24 hours. Additionally, the market dominance of the key crypto asset stands at 60.06% with a 0.03% rise. Simultaneously, the present price of Ethereum ($ETH) is 3.25% down at $1,586 while its market dominance highlights a 1.11% decrease at 6.92%.

$AIDOGE and $OM Lead Crypto Gainers

The small and large-cap crypto gainers include $AIDOGE and $OM. Their present prices are $0.0000000002 and $0.762, indicating 85.7% an 24.2% increase respectively. Along with that, they account for $33.5M and $739M in market capitalization.

DeFi and NFT Markets Denote 0.2% and 4.0% Dip in TVL and Volume

The DeFi and NFT sectors have also gone through a decline. Hence, the DeFi world denotes a 0.2% dip in TVL at $124B while the NFT landscape shows a 3.1% decrease in volume at $3.5M. The key DeFi blockchain is Soneium with a 4.0% upsurge in TVL. Simultaneously, Courtyard is the top NFT collection in terms of volume which stands at $871K.

$OM Rebounds as Co-Founder Assures Commitment to Transparency Apart from Planned Token Burn

The latest funding rounds include Optimum, Toji, and OpenZK , collecting $11M, $500K, and $6.0M in total. On the other hand, while the crypto market faces uncertainty due to the unsettling macroeconomic developments, several incidents within the ecosystem are also affecting it.

A notable incident in this respect is the recent crash of the Mantra ($OM) token. However, amid its Co-Founder JP Mullin’s latest transparency commitment and the announcement of a buyback & burn event, $OM has recorded a minor resurge.