Crypto Catastrophe: MANTRA’s $82M OM Token Bonfire to “Save” the Day 🔥💸

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Ah, the grand theater of the blockchain world! John Patrick Mullin, the self-declared savior and CEO of MANTRA, a so-called Layer 1 marvel tied to real-world assets, now vows to incinerate 150 million OM tokens—roughly $82 million worth. Why? To mend the shattered trust of a community left dazed after a dizzying 90% plunge that shaved off $5 billion faster than you can say “pump and dump.”

In mere hours, the OM token’s value plummeted like Icarus on a budget flight. Mullin’s remedy? A symbolic torching of his own tokens, showing his “unwavering focus” (cue dramatic music) on resurrecting the project from the ashes. The tokens, currently locked away in staking purgatory, will be unleashed on April 29, only to be sacrificed to the blockchain gods by burning them into oblivion.

For the uninitiated, burning tokens means vaporizing them so they never see the light of a buyer’s wallet again—reducing supply, and maybe, just maybe, coaxing the price of the remaining tokens to rise like a phoenix or at least a slightly more hopeful chicken.

“No OM sales from the MANTRA crew during the chaos,” Mullin insists on the great digital soapbox that is X, fiercely denying that his team caused the plunge. Because, of course, no blockchain crash is complete without a public denial faster than a politician dodging a question.

And if 150 million tokens aren’t enough of a bonfire, MANTRA is flirting with doubling that, burning up to 300 million tokens, about 16.5% of the total 1.8 billion. This flashy move would nudge the bonded ratio down and, heaven forbid, might reward stakers slightly better. Because nothing says “faith restored” like tweaking some decimals.

Who’s to blame? Reckless liquidations, they say. Laser Digital, an investor, claims innocence like a cat beside a toppled vase. Meanwhile, Mullin crowdsources democracy, asking 8,000 voters on X if they want the tokens burnt now—with over 81% shouting “yes” in the blockchain equivalent of a reality TV show finale.

After the announcement, OM’s price enjoyed a brief caffeine buzz before sulking back down, now languishing 4% lower in the last 24 hours, as CoinMarketCap coldly reports. But fear not, dear holders, the ritual continues—and perhaps someday the OM token will rise from its ashes, or at least provide a cautionary tale for the crypto ages.

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2025-04-21 23:18