Mantra (OM) is working to recover after a steep 90% price drop. Here's a breakdown of their strategy:
- CEO Commitment: John Patrick Mullin will burn his personal OM tokens.
- DAO Vote: A vote on burning 300M team-allocated tokens.
- Buyback Program: Aiming to stabilize the token.
The OM token crashed on April 13, attributed to forced liquidations and market manipulation.
Details of the Recovery Plan
CEO John Patrick Mullin announced the details of the token burn program:
"The burn program details are in the final stages and will be shared in the near future, Buyback program also well underway. We are working around the clock for the Sherpas/OMies."
Mantra (OM) Token Price Action | Source: CoingeckoDespite the announcement, the Mantra token price remained muted at $0.65. The crash caused OM to fall out of the top 100 cryptocurrencies.
Addressing Insider Selling Rumors
Mullin insists the price drop was not due to insider selling, but rather forced liquidations:
"There were no team sales during this event. It was a result of reckless leverage and poor liquidity management on CEXs."
A formal statement confirmed that liquidations during low-volume trading hours caused the disruption. The token recovered briefly before settling around $0.65, still down 88% from its peak.
Restoring Confidence Through Governance and Transparency
Mantra is implementing multiple strategies to restore investor trust:
- Real-time Tokenomics Dashboard: To monitor OM’s circulating and locked supply.
- CEO’s Personal Commitment: Mullin will burn his personal OM allocation.
- DAO Vote: A community vote on burning 300 million OM tokens.
Mantra (OM) Tokenomics | source: https://docs.mantrachain.io/mainnet-om-information/chain-featuresThe DAO vote will determine whether to burn 300 million OM tokens allocated to core contributors, representing about 17% of OM’s total supply.
"Some have voiced concerns about burning too many tokens allocated for team incentives. We’ll leave it to the community to decide via decentralized governance." - Mullin
The value of the team allocation has significantly dropped from nearly $1.8 billion to approximately $200 million.