The Mantra (OM) token worth has surged after founder JP Mullin introduced plans for a large token burn. Mullin clarified that he intends to burn his private group token allocation and implement a “comprehensive burn program for other parts of the OM supply.”
OM Pumps After Founder’s Burn Announcement
The OM token, which had skilled a significant worth drop over latest weeks, jumped from a low of $0.5115 to as excessive as $0.8706 following Mullin’s statement on X.
This announcement comes as OM has seen worth drops of 87.0% over the previous week. CoinGape has launched a Mantra OM price prediction for April 2025, which might provide you with an thought of how the token can carry out this month.
Mantra has initially shelved 300 million OM tokens for its group and core contributors. This accounts for 16.88% of the token’s practically 1.78 billion complete provide. These tokens are at present locked and have been scheduled for a phased launch between April 2027 and October 2029.
To be 100% clear, I’m stating that I’m burning MY group tokens, and we’ll create a complete burn program for different components of the OM provide. https://t.co/Yy6GzRBbM8
— JP Mullin (🕉, 🏘️) (@jp_mullin888) April 16, 2025
The deliberate burn might probably take out an enormous amount of those tokens from the marketplace for good. A decentralized vote might resolve if all 300 million group token issuance must be burnt, as proposed by Mullin.
The announcement has been adopted by numerous reactions from the Mantra group. Some members of the group believed that Mullin’s dedication was a constructive improvement for token valuation, whereas others have been involved about having long-term points.
Crypto Banter founder Ran Neuner warned towards the transfer: “Burning the incentive may seem like a good gesture but it will hurt the team motivation long term.”
Mantra Refutes Allegations Following Price Collapse
Mullin’s token burn announcement comes at a troublesome time for the venture. The firm has vehemently denied studies that it holds 90% of OM token provide. It has additionally rejected allegations of market manipulation and insider buying and selling submitted by some group members.
Mantra defined that the most recent worth drop of OM occurred because of “reckless liquidations” and never because of something the group had accomplished. The latest historical past of the token signifies the scale of this drop, with the charts reflecting a virtually 90% decline in worth over the previous month.
Major cryptocurrency exchanges OKX and Binance each skilled main OM buying and selling exercise instantly earlier than the token’s collapse. However, each platforms have denied any wrongdoing in relation to the value crash. Binance talked about that the crash was primarily due to cross-exchange liquidations.
They attributed the collapse to tokenomics changes that have been made throughout October 2024 and irregular market volatility that finally led to high-volume cross-exchange liquidations on April 13.
Vignesh Karunanidhi
Vignesh Karunanidhi is a seasoned crypto journalist with practically 7 years of expertise within the cryptocurrency business. He has contributed to quite a few publications, together with WatcherGuru, BeInCrypto, Milkroad, and authored over 10,000 articles
Disclaimer: The introduced content material might embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability in your private monetary loss.
