90% Plunge
“The burn program details are in the final stages, and the buyback program is also well underway. We are working around the clock for the Sherpas/OMies,” Mullin posted on X.
Source: X (@jp_mullin888)
OM plunged over 90% to $0.37 on April 13th after widespread liquidations erased around $5 billion in market value. It briefly recovered above $1 before retracing again. The token jumped 14% after Mullin’s latest update.
The team denies any insider sales during the drop and attributes the crash to forced liquidations during low-volume trading hours.
Community Vote
All team tokens remain locked, with vesting starting in April 2027. Mullin pledged to burn his own allocation and suggested a community vote to decide the fate of 300M team tokens, about 17% of OM’s supply, currently worth over $200M, down from $1.8 billion pre-crash.
Mantra plans to rebuild trust through the burn and buyback, a live tokenomics dashboard, and improved exchange transparency.
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