Mantra's OM token experienced a significant dump of more than 90%, dropping from $6.30 to less than $0.50 rapidly after a $227 million token shift to exchanges, raising concerns about transparency and accountability.
The lack of utility in memecoins and many utility tokens creates skepticism among traders from traditional finance systems. The market needs tokens that are secure, compliant, and functional.
Utility tokens should have a defined role in the existing financial system, transparent operations, and clear reasons for adoption from the beginning to gain widespread popularity.
Platforms like MultiBank Group are successfully integrating utility tokens into existing financial systems, offering real utility like payment for services, cash backs, and stake options, creating a smoother transition to Web3 for users.