Key dealers
- Mantra finishes a token burning program for if the token.
- If token has met significant price decline due to large liquidations.
John Patrick Mullin, Mantra’s co-founder and CEO, has said that the team ends his token Burn program and actively works with a repurchase plan. Both efforts come in the wake of the latch’s latest collapse.
“Burn program details are in the last stages and will be shared in the near future. The repurchase program is also good going on. We work around the clock for Sherpas/Omies,” Mullin wrote on X on Friday.
If, the native symbol of the mantra ecosystem, saw a steep price decline on April 13, drops over 90% to $ 0.37 in a few hours.
Following the large -scale liquidation that wiped out about $ 5 billion in OM’s market value recovered to over $ 1 but was recalled again. The token increased as much as 14% on Friday after Mullin’s latest update.
Ever since the incident, the project group has repeatedly claimed that they did not do anyone about -sales during the token’s sudden collapse.
In some of his early statements after the incident, Mullin claimed ruthless forced liquidations On centralized exchanges, 90% triggered the reduction of the value of the token.
In an official statement Released on April 16, Mantra’s internal investigation confirmed forced liquidation of OM security during low volume times as the main cause.
All OM team distributions remain locked, and most marketing activities involve Legacy ERC-20 symbols in public circulation, according to the team.
In an attempt to reflect the Community Trust, Mantra plans to launch a repurchase and burning program, release a Live Tokenomics instrument panel and work with exchanges to provide more openness.
Mullin has also publicly committed to burning his personal token allocation as part of the recovery effort.
The Team Tokens -the allocation actually only occurs by 2027, which is 30 months from the Maine launch (October 24).
I plan to burn all my team tokens and when we turn it around society and investors can decide if I have earned it back. 🫡🕉 https://t.co/zqr1h5xaqf
– JP Mullin (🕉, 🏘) (@jp_mullin888) April 15, 2025
Mullin has also proposed a decentralized vote to decide on the combustion of 300 million team tokens in response to certain concerns about Burning Program’s impact on long -term team motivation.
Mantra Allocated 300 million if -tokensNearly 17% of their range, to the team and the core beneficiaries. Stash is locked until staged between April 2027 and October 2029, now valued at over $ 200 million, from about $ 1.8 billion before the latest price accident.
At the time of writing, it was about $ 0.68, a decrease of about 88% from their parish point of $ 6, according to Cooiken data.
