Mantra Unveils “Extensive Recovery Initiative” for OM After 90% Decline

Real-world asset project Mantra plans to implement a comprehensive burn program for its OM token, as stated by CEO John Mullin in a post on X Wednesday. Mullin addressed a previous post regarding his intention to burn his team’s tokens in an effort to regain the community’s trust after the OM token experienced a sudden drop of over 0% in value on Tuesday. “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,” he wrote.

Token burns involve the permanent removal of a portion of a cryptocurrency’s supply from circulation to potentially enhance the value of the remaining tokens. OM’s value plummeted from over $6 to below $0.45 in just a few hours without any apparent catalyst. Mullin attributed the decline to exchanges closing OM positions; however, not everyone accepted this explanation. OKX founder Star Xu labeled the situation “a big scandal.” As of the latest update, OM is trading at approximately $0.81, which is 87% lower than its price before Tuesday’s events.