Mantra Unveils Comprehensive Token Burn Strategy for OM After Significant Price Drop
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Mantra Unveils Comprehensive Token Burn Strategy for OM After Significant Price Drop

Following a drastic decrease in OM's value, Mantra's CEO John Mullin outlines a strategy to burn tokens to regain community trust.

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Overview

Mantra, a project focused on real-world assets, is initiating a comprehensive burn program for its OM token. This decision follows a dramatic fall in OM’s price, where it plummeted from over $6 to below $0.45 rapidly without any clear trigger.

Details

  • Token burn announcement: CEO John Mullin revealed plans to burn his team’s tokens during a recent X post. He aims to reclaim community trust after OM’s unexpected price drop.
  • Community Reaction: While Mullin attributes the crash to exchanges liquidating OM positions, others in the community, including Start Xu, have labeled the situation as a significant scandal.
  • Current trading value: OM is currently trading at approximately $0.81, which indicates an 87% decrease from its prior valuation.

“To be 100% clear, I am stating that I am burning MY team tokens, and we will create a comprehensive burn program for other parts of the OM supply,” Mullin stated.

After Mullin’s statement, it is anticipated that the initiative could assist in providing a pathway to restore the token’s value.

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