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Mantra token burn move is the latest attempt by CEO John Patrick Mullin to calm shaken investors.
On April 15, Mullin announced he would destroy his share of $OM tokens, part of the team’s 300 million allocation. This decision follows a catastrophic 90% price drop of $OM, the native token of the Mantra blockchain.
The CEO’s tokens are under a lock-up period until April 2027. However, he said the community could choose if he earns them back once the project stabilizes. Mullin currently holds 772,000 OM tokens, less than 1% of the circulating supply, and has deployed them through the Fluxtra liquid staking protocol.
Mullin hasn’t shared how many tokens he will eventually burn. He stated that specific numbers will be disclosed when the burn mechanism is ready. This Mantra token burn move seeks to restore credibility after OM’s price plunged from $6.30 to under $0.50 in a single day.
$OM collapse shakes investor trust
Over $5.5 billion was wiped from OM’s market cap on April 13. The collapse brought OM’s value to just $530 million. It has since recovered slightly, trading at $0.81 with a market cap near $800 million. Despite this bounce, confidence in the project is fragile.
Mantra is a layer 1 blockchain built on the CosmosClick here for more Details SDK. It targets real-world asset tokenization while complying with digital asset regulations. The platform recently gained a license from Dubai’s VARAClick here for more Details, giving it a chance to grow in regulated environments.
However, the price crash prompted critics to compare it to the Terra ecosystem implosion of 2022. Blockchain observers noticed over $70 million in OM moved to exchanges via a single wallet shortly before the crash.
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Mantra token burn move adds transparency
Mullin attributes the collapse to centralized exchange liquidations during a period of low liquidity. He emphasized that no team tokens were sold and that all remain under a vesting schedule. The Mantra team is now investigating exchange involvement and plans to publish findings.
While rumors swirl about insider activity or wallet compromise, Mullin stressed that Mantra’s tokenomics are intact. He pointed to on-chain data as a source of truth for anyone verifying the claims.
This Mantra token burn move is meant to reassure the community. It sets a precedent for executive accountability in blockchain projects. Mullin’s offer to burn his future tokens, and let the community decide on their return, is rare and bold in the crypto world.
Whether the move is enough to restore full trust remains uncertain. But it signals a commitment to transparency and long-term vision during a crisis.
