The price of the Mantra (OM) token, the native cryptocurrency of the Mantra real-world tokenized asset blockchain, has collapsed by over 90% in the last 24 hours.

On April 13, Mantra fell from a price of approximately $6.3 to below $0.50 and shed over 90% of its $6 billion market cap.

Mantra token market cap and overview. Source: CoinGecko

Traders are characterizing the token collapse as an apparent rug pull. Market investor Gordon wrote: “[The] team needs to address this or OM looks like it could head to zero. Biggest rug pull since LUNA/FTX?”

However, the exact reason for the collapse of the OM token’s price is not clear at the time of this writing.

Related: Mantra unveils $108M fund to back real-world asset tokenization, DeFi

This is a developing story, and further information will be added as it becomes available.