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Burning 300 million tokens by Mantra's CEO and associates, sparking speculation on potential OM price recovery.

Token Destruction Planned for 300 Million OM: Dropping in Value by $5.5 Billion, Amidst Market Skepticism and Aiming for Recovery Amid Challenge

Burning 300 million tokens by Mantra's CEO and associates, sparking speculation on potential OM price recovery.

Hear It Straight:

JP Mullin, CEO of MANTRA, is torchin' 150 million OM tokens from his own stash and ropin' in other ecosystem buddies to burn another 150 million. This 300 million OM torch job is to restore faith in the project and steady the altcoin's price wiggles.

Got word that MANTRA used to be a heavy hitter in the Real-World Assets (RWA) scene, but it took a nosedive on April 13, with the token droppin' over 90% in a single hour, wipeout out more than $5.5 billion in market cap. That's some serious fallin', mate!

This dang crash followed a quick rise earlier this year, with OM jumpin' from $0.013 to way over $6, makin' the fully diluted valuation shoot to $11 billion. Heard that the crash was triggered by a $40 million token deposit into OKX by a wallet rumored to be linked to the team, sparkin' 'speculation about insider sellin'.

Panic spread like wildfire as rumors about undisclosed OTC deals, delayed airdrops, and token supply concentration runnin' wild led to mass liquidations across exchanges.

Despite co-founder John Patrick Mullin denying any wrongdoin' and blamin' centralized exchanges for forced closures, investors and analysts kept askin' questions about potential manipulation by market makers and CEXs, drawin' comparisons to past collapses like Terra's LUNA.

To put the fires out and restore trust, Mullin's pullin' the trigger and burnin' his 150 million OM team allocation. The tokens, originally staked at mainnet launch in October 2024, are now in the process of bein' unbonded and will be fully burnin' by April 29, shavin' OM's total supply from 1.82 billion to 1.67 billion.

This move also lowers the network's staked amount by 150 million tokens, which might impact on-chain stakin' APR. On top of that, MANTRA is talkin' shop with partners to pull off a second 150 million OM burn, bringin' the total supply down by 300 million tokens.

But, even with MANTRA's OM torchin' efforts, it ain't guaranteed that it'll be enough to restore faith in OM. From a tech standpoint, if momentum kicks back up, OM could test the immediate resistance at $0.59. If it breaks out, there might be a chance for gains toward $0.71, with extra hurdles at $0.89 and $0.997 in the way of it returnin' to the psychologically important $1 mark.

But reclaimin' these levels will require sustained buyin interest and a broader sentiment recovery across the Real-World Assets (RWA) sector. On the flip side, if the torch job fails or if sellin' pressure keeps comin', OM's risin' risk encounterin' further decline.

The first key support lies at $0.51, and a break below that level could send the price tumblin' further to $0.469. What with the scale of the recent crash and the remainin' doubt among investors, the road to recovery is steep-OM's at a critical junction betwixt a potential rebound and further erosion of its market worth.

And remember, kids, this ain't financial advice. Do your own research and discuss moves with a professional before makin' decisions in the risky, crazy world of crypto! Peace out. 💰🔥🚀🌜🐻

  1. JP Mullin, CEO of MANTRA, is burning 150 million OM tokens from his own stake and inviting other ecosystem partners to burn another 150 million, aiming to restore faith in the project and stabilize the altcoin's price.
  2. The 300 million OM token burn is a response to the MANTRA's sudden crash on April 13, where the token lost over 90% of its value in a single hour, erasing more than $5.5 billion in market cap.
  3. Rumors of insider selling triggered the crash, as a $40 million token deposit into OKX by a wallet linked to the team sparked speculation.
  4. Panic spread as rumors of undisclosed OTC deals, delayed airdrops, and token supply concentration led to mass liquidations across exchanges.
  5. Despite the denial of wrongdoing by co-founder John Patrick Mullin, questions about potential manipulation by market makers and centralized exchanges persist, drawing comparisons to past collapses like Terra's LUNA.
  6. To address these concerns, Mullin is burning his 150 million OM team allocation, lowering the network's total supply from 1.82 billion to 1.67 billion. This move also reduces the network's staked amount by 150 million tokens, which may impact on-chain staking APR.
  7. MANTRA is considering a second 150 million OM burn, further reducing the total supply by 300 million tokens.
  8. From a technological standpoint, if momentum returns, OM could test resistance at $0.59, with potential gains toward $0.71, $0.89, and $0.997 on the way back to the psychologically important $1 mark.
  9. However, reaching these levels requires sustained buy-in interest and a broader sentiment recovery across the Real-World Assets (RWA) sector. Failing to rebound or continued selling pressure could lead to further declines, with first key support at $0.51 and a subsequent drop to $0.469 possible. In the risky, volatile world of crypto, it's essential to do your own research and consult with a professional before making decisions.
Mantra Prepares to Eliminate 300 Million OM Tokens following a $5.5 Billion Collapse; Amidst Market Skepticism and Scales Up to Gain Momentum and Recovery.
Market uncertainty tests crypto project Mantra as it prepares to incinerate $5.5 billion worth of OM tokens, with doubts lingering and recovery in sight.
Token destruction planned for 300 million OM units following a $5.5 billion market collapse; struggling with skepticism and assessing resilience as Mantra targets rebound.
Token destruction imminent for Mantra: 300 million OM tokens to be torched following $5.5 billion market collapse; managing skepticism and ascertaining foundations for potential resurgence.

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