In a recent announcement, the CEO and co-founder of the Mantra (OM) cryptocurrency project, which focuses on real-world assets, outlines a strategy aimed at rebuilding community confidence after a significant drop in the value of the blockchain’s token.
On Sunday, the price of the OM token dramatically fell from its peak of $6.35 to a bottom of $0.37, which equates to a massive decrease of 94%.
After approximately 17 digital wallets moved over 43.6 million Open Market (OM) tokens, worth around $227 million at that moment, to cryptocurrency trading platforms, a significant drop in price occurred.
On the social media site X, John Patrick Mullin, the CEO of Mantra, discloses a token assistance initiative. This plan includes a buyback and a supply reduction scheme, aimed at addressing the substantial losses suffered by OM token holders following a recent event.
I’ve made a commitment to using up my assigned team resources on my own (not those of the entire team). More specifics about the burn program will be shared later.
We’re constructing a real-time display that shows the balances of our various token economy segments, aiming to enhance market clarity and openness.
According to Mullin, Mantra is actively working to restore market confidence and demonstrate a lasting dedication to their project.
To the community of OM traders who trust in MANTRA, I want to acknowledge that recent events on a specific cryptocurrency exchange, where large OM holders experienced forced liquidations, have caused significant losses. Regardless of the magnitude of your loss, please know that you are deeply in our thoughts.
Based on Mullin’s findings, it appears that the team did not offload OM tokens when the market was in turmoil. Interestingly, he points out that several key traders were forced to exit their positions due to action taken by centralized trading platforms.
We’re certain that additional details from our fellow exchange partners will help us understand these incidents better. We warmly welcome their cooperation in shedding light on trading actions during this period.
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2025-04-17 22:08