Just when you thought the crypto world couldn’t get any more dramatic, Mantra (OM) decided to throw a plot twist worthy of a Netflix series. After a jaw-dropping 90% nosedive that left investors clutching their wallets in despair, the token is now staging a comeback that’s part redemption arc, part Hail Mary pass.
Enter John Patrick Mullin, the CEO of Mantra, who, in a move that’s either incredibly bold or slightly unhinged, has pledged to burn his entire team’s token allocation. We’re talking hundreds of millions of dollars here, folks. It’s like setting your own money on fire to prove you’re not a villain—though some might argue it’s a bit late for that.
From Crash to Cash Burn
On April 13, OM decided to take a swan dive off the crypto cliff, plummeting nearly 90% in less than a day. Cue the panic, the accusations, and the inevitable Twitter meltdown. The community was quick to point fingers, with whispers of insider dumping and manipulation swirling like a bad rumor at a high school reunion.
But Mullin wasn’t about to let his project go down without a fight. He swiftly denied the allegations, clarifying that the team’s 300 million OM tokens are locked until 2027. Then, in a move that’s equal parts symbolic and desperate, he announced he’d burn his entire allocation of 772,000 OM tokens. That’s 0.25% of the team’s share, for those keeping score at home.
“When we turn it around, the community and investors can decide if I’ve earned it back,” Mullin declared in a post that’s been shared more times than a cat video.
He also promised more transparency, a detailed post-mortem report, and a long-term token buyback program. Because nothing says “trust us” like a PowerPoint presentation and a promise to buy back your own tokens.
Whether this is enough to restore faith in Mantra remains to be seen. But for now, the market seems to be giving it a cautious thumbs-up—or at least a hesitant nod.
Market Reaction: A 31% Bounce and a Whole Lot of Drama
Following Mullin’s announcement, OM surged over 31% in the past 24 hours, currently trading around $0.7796. That’s up from its post-crash low of under $0.5, which, let’s be honest, was about as fun as a root canal.
The token even hit an intraday high of $0.91, suggesting that some investors are still willing to roll the dice. Whether they’re brave, foolish, or just really into drama is anyone’s guess.
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2025-04-16 10:06