Mantra Launches Buyback and Burn Plans After OM Token Crash
Mantra’s OM token experienced a drastic decline of over 90% on April 13, hitting a low of $0.37 before recovering to above $1 and then falling again. This drop led to the loss of approximately $5 billion in market value. CEO Mullin attributed the crash to forced liquidations during low-volume trading hours on centralized exchanges, which was confirmed by an internal investigation.
The team is implementing measures to restore trust, including:
- A buyback and burn initiative
- A live tokenomics dashboard
<liWorking with exchanges for increased transparency
Mullin will burn his personal OM tokens and proposed a community vote on burning 300 million team tokens, representing nearly 17% of the total supply. These tokens are currently valued at around $200 million, down from an original worth of $1.8 billion.
OM is trading at $0.68, an 88% decrease from its pre-crash high of $6.