In response to the steep decline in OM Coin’s value, John Patrick Mullin, CEO of Mantra, has revealed a plan aimed at restoring the confidence of the community. The sudden drop in the token‘s price has raised alarms among users, prompting the leadership to address the concerns while aligning with the project’s long-term objectives.
How Did OM Coin Lose Value?
On Sunday, the price of OM token experienced a shocking fall from $6.35 to $0.37, representing a staggering drop of 94%. This freefall was exacerbated by the movement of 43.6 million tokens across 17 wallets, which totaled a value of approximately $227 million.
In a recent social media update, Mullin announced a buyback initiative alongside a token burn strategy designed to mitigate supply and bolster support for the token. He also promised to create live data panels that would shed light on the tokenomic structures for enhanced transparency.
What Lies Ahead for OM Coin?
Mullin clarified that an internal review showed that the team did not liquidate their tokens amid market instability, suggesting that forced liquidations from centralized exchanges contributed significantly to the investors’ losses.
John Patrick Mullin: “I am initiating the burning of my allocated tokens. Soon, we will provide details on our comprehensive burn strategy and develop a panel featuring live data on tokenomic indicators for greater transparency.”
The CEO expressed understanding for the community’s distress over financial losses, emphasizing that the well-being of all investors matters to him. He hinted at forthcoming specifics regarding the support program aimed at helping those affected.
The new initiatives are crucial for rebuilding community trust and ensuring market transparency. Nevertheless, the recovery process may face challenges as prices stabilize around $0.65, and the commitment from the CEO needs to convert into tangible outcomes.
- Implementing a buyback and token burn program to reduce supply.
- Creating live data panels to improve market transparency.
- Reassuring the community that the team did not engage in selling during the crisis.
- Addressing financial losses faced by all investors as a priority.
With these measures, the project aims to provide a more secure trading environment for investors. Market observers remain hopeful that these steps will effectively rebuild trust and restore credibility within the community.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/mantra-ceo-takes-action-after-om-coin-crash