Mantra (OM) Price Holds Above $0.51 as CEO Begins Massive 150 Million Token Burn to Restore Trust
Mantra (OM), a real-world asset (RWA) focused Layer 1 blockchain, is implementing an aggressive token burn strategy in an attempt to restore
Quick overview
- Mantra (OM) is implementing a token burn strategy to restore investor confidence after a significant price crash.
- CEO John Patrick Mullin is unstaking 150 million OM tokens, with plans for an additional burn of 150 million, totaling 300 million tokens.
- The token burn aims to reduce the overall supply and improve staking returns, but investor sentiment remains cautious due to past allegations of insider trading.
- Mantra has introduced a real-time tokenomics dashboard to enhance transparency and address investor concerns following the recent market turmoil.
Mantra (OM), a real-world asset (RWA) focused Layer 1 blockchain, is implementing an aggressive token burn strategy in an attempt to restore investor confidence after suffering one of the most dramatic crashes in recent crypto history. At the time of writing, OM is holding above $0.51, down by over 1% in the past 24 hours, as the market remains skeptical despite the project’s recovery efforts.
OM Token Burn Underway as Mantra CEO Seeks to Rebuild Trust
Mantra creator and CEO John Patrick Mullin has initiated the process of unstaking 150 million of his OM tokens, worth around $82 million at current pricing. These tokens will be permanently withdrawn from circulation when supplied to a burn address by April 29. The project fits inside a bigger scheme whereby the corporation is in talks with “key ecosystem partners” to organize an extra 150 million OM token burn, therefore burning a total of 300 million tokens.
Emphasizing his dedication to the future of the project, Mullin said, “this is a first step in rebuilding trust with the community, but far from the last.”
From 1.82 billion to 1.67 billion OM, the token burn would lower Mantra’s overall supply; from 551.8 million to 421.8 million, the amount of staked tokens will decline by over 26%. By reducing the bonded ratio from 31.47% to 25.30%, this smart cut seeks to enhance the economic structure of the platform, so raising staking returns for users.
The Aftermath of Mantra (OM) Token Crash
Following OM’s disastrous price collapse on April 13, when the token lost over 90% of its value in one hour, destroying more than $5.5 billion in market capitalization, the burn campaign tracks OM’s Following a remarkable climb from $0.013 to over $6.00, OM surged its fully diluted valuation to $11 billion and then crashed.
Widespread allegations of insider trading and market manipulation followed the unexpected fall. According to reports, a $40 million token payment into OKX made by a wallet supposedly connected to the team could have set off the crisis and stoked insider selling concerns. Mullin and the project team have angrily denied any wrongdoing, attributing the price crash on “reckless liquidations” by exchange platforms.
Mantra Price Prediction: Can OM Recover?
OM’s price behavior stays erratic even after the token burn announcement. After the burn news, the bitcoin saw a 4% rise momentarily but has subsequently started downslope.
Technically, OM is testing vital support right now at $0.51. Should this level fall short, the next important support zone is roughly $0.48, with further possible negative impact on $0.46. OM would have to recover the $0.55 level with great momentum before confronting opposition at $0.59, $0.71, and ultimately the psychologically significant $1 mark for any substantial comeback.
On OM’s chances for recovery, market analysts remain split. Although the token burn should potentially boost value by lowering supply, investor mood is still significantly influenced by residual questions about centralized token concentration, bad governance, and the scope of the most recent meltdown.
Focus on Transparency Push as Mantra’s Recovery Strategy
Apart from the token burn, Mantra debuted a real-time tokenomics dashboard on April 19 to increase openness by showing OM’s EVM and mainnet supply, wallet holdings, and on-chain statistics. The team has promised to apply “additional features” to satisfy investor needs for clarification after the catastrophe.
Some onlookers compare OM’s circumstances with earlier tragedies like Terra LUNA and wonder whether the burn is only symbolic or a real strategic action meant to reconstruct the enterprise. Even though early investors supposedly still make earnings Those that entered during the recent bull run have incurred significant losses notwithstanding the drop.
The larger crypto market shows indications of optimism as Bitcoin keeps accelerating toward $90,000. But OM’s rebound depends on more than simply good macro conditions; it also depends on persistent positive developments, rebuilt investor confidence, and maybe more basic improvements outside tokenistic adjustments.
Whether Mantra can rebuild trust and stabilize its token value or if the project will join the long list of interesting crypto startups that finally failed to recover from a catastrophic market event depends on the next weeks.
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