OM token recently experienced a catastrophic 90% drop in value on April 13, 2025, wiping out over $5 billion in market capitalization.
In response to the collapse and to restore confidence in the network, John Patrick Mullin, the CEO of the real-world asset-focused Layer 1 blockchain MANTRA, has announced an ambitious plan to burn his personal allocation of 150 million OM tokens.
A Bold Move to Rebuild Trust
The decision to burn such a substantial number of tokens is seen as a symbolic gesture to regain the trust of investors and stakeholders in the MANTRA ecosystem. Mullin emphasized that this move reflects his “unwavering focus” on rebuilding the network, as well as addressing concerns from the mar3ket. The CEO’s 150 million OM tokens represent a large portion of the network’s total supply, and the burn will reduce the bonded ratio from 31.47% to 25.30%, which, according to MANTRA, will lead to an increase in staking Annual Percentage Rates (APR).
MANTRA has also revealed that it is in “ongoing conversations with key ecosystem partners” to potentially increase the total number of tokens to be burned to 300 million, or roughly 16.5% of the network’s entire supply of 1.8 billion OM tokens.
The OM Token Crash and Market Reaction
The OM token’s steep decline came after what MANTRA called “reckless liquidations,” although the incident has raised concerns among investors. Despite the crash, the team at MANTRA, backed by investor Laser Digital, has denied any involvement in sales or market manipulation during this tumultuous period. In a statement on social media platform X, Mullin reassured investors, stating, “There were no $OM sales by the MANTRA team during this period of market distress. We are confident that further information from our centralized exchange partners will provide more clarity on these events.”
What’s Next for MANTRA and the Crypto Market?
The decision to burn tokens is undoubtedly a bold one and could help restore some investor confidence in the wake of the OM token crash. However, the cryptocurrency market remains volatile, with Bitcoin experiencing sharp fluctuations. As mentioned in previous analyses, the broader market’s performance is heavily influenced by macroeconomic factors, such as the weakening of the US dollar, which has driven more investors towards Bitcoin and other crypto assets.
While Bitcoin is seeing new highs, altcoins like OM are trying to recover from sudden drops. The coming weeks will be crucial in determining whether these efforts will prove successful and how they will impact the broader market landscape.
For investors, staying informed about both macroeconomic conditions and specific token developments like those in MANTRA will be essential in navigating this turbulent environment.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/mantra-ceo-reveals-how-many-tokens-he-plans-to-burn/