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$2,919,111,224,235
Market Cap
$155,801,114
24h Vol
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Cryptocurrencies
63.77%
Bitcoin Share
Coinpaprika 2025-04-19 11:32:53

Mantra Finalizes Burn and Buyback Plans to Stabilize OM Token After Crash

Mantra Finalizes Burn and Buyback Plans to Stabilize OM Token After Crash

Mantra’s OM token crashed over 90% on April 13 , briefly falling to $0.37 before rebounding above $1 and then dipping again. The collapse wiped out around $5 billion in market value. CEO Mullin blamed forced liquidations during low-volume hours on centralized exchanges, a finding later backed by Mantra’s internal investigation. To restore trust , the team is rolling out a buyback and burn initiative, launching a live tokenomics dashboard, and working with exchanges for more transparency. Mullin pledged to burn his personal OM tokens and proposed a community vote on whether to burn 300 million locked team tokens , nearly 17% of OM’s total supply. These tokens, now worth around $200 million, were originally valued at $1.8 billion before the drop. OM is currently trading at $0.68, still down nearly 88% from its pre-crash high of $6.

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