MANTA Token Surged 16,000% to $220 Only to Tank 99% to $1 Minutes Later

• Kaiko attributed the unexpected turnout to concentrated sell-offs.
• MANTA hit $220 upon listing on Bithumb but crashed to $1 in a few minutes.
• Last week, the Manta Network team orchestrated a two-day ICO via the Binance Launchpool.

Well-known market intelligence and analytics platform Kaiko has recently drawn attention to the price action of MANTA, the native token of the recently launched crypto project, Manta Network. Specifically, Kaiko disclosed that MANTA had surged astronomically to $220 upon listing on the Bithumb exchange. However, what followed the extraordinary uptick was a similarly dramatic crash to below $1 in a few minutes.

The market intelligence platform attributed the unexpected turnout to “heavy selling,” as holders dumped the token after its initial coin offering (ICO) terminated.

MANTA token chart showing concentrated sell volume on January 18 | Kaiko

Notably, last week, the Manta Network project team orchestrated an ICO via the Binance Launchpool. The initiative offered crypto market participants the opportunity to farm the MANTA token between January 16 and 18. Specifically, the team offered participants 3% of MANTA’s maxim…

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