Token Burn Shenanigans: Will Mantra’s OM Rise from the Ashes? 🔥💰

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Ah, dear audience! Gather ’round, for I bring tidings of the Mantra (OM) token, which, like a phoenix, has soared high after the illustrious founder, one JP Mullin, proclaimed a grand plan of token incineration! 🔥 Yes, indeed! Our gallant Mullin has vowed to set ablaze his own personal trove of team tokens and to concoct a “comprehensive burn program” for the rest of the OM supply. How noble! Or perhaps a tad theatrical? 🎭

OM Soars After the Founder’s Fiery Declaration

Once upon a time, the OM token languished in despair, plummeting to a woeful $0.5115. But lo! After Mullin’s proclamation on the fabled platform X, it leapt to a dizzying height of $0.8706! A miracle, or merely a clever ruse? 🤔

This announcement arrives at a time when OM has been on a downward spiral, losing a staggering 87.0% of its value in but a week! CoinGape, in its infinite wisdom, has even dared to predict the price of Mantra OM for April 2025. Will it rise like bread in the oven, or fall flat like a soufflé? 🍞

Initially, Mantra had set aside a hefty 300 million OM tokens for its team and core contributors, a princely sum that constitutes 16.88% of the nearly 1.78 billion total supply. These tokens, locked away like a treasure chest, were to be released in a phased manner between April 2027 and October 2029. Patience, dear friends, patience! ⏳

“To be 100% clear, I am stating that I am burning MY team tokens, and we will create a comprehensive burn program for other parts of the OM supply.”

— JP Mullin (@jp_mullin888) April 16, 2025

Ah, the planned burn could indeed eliminate a vast quantity of these tokens from the market, perhaps forever! A decentralized vote may decide if all 300 million team tokens shall meet their fiery fate, as proposed by our dear Mullin. Democracy at its finest! 🗳️

The community, bless their hearts, has reacted with a mix of jubilation and trepidation. Some see Mullin’s commitment as a boon for the token’s value, while others fret about potential long-term woes. A classic case of “to burn or not to burn!” 🔥

Crypto Banter’s own Ran Neuner has cautioned against such a move, declaring, “Burning the incentive may seem like a good gesture, but it will hurt the team motivation long term.” Wise words, indeed! 🧐

Mantra Defends Its Honor Amidst Price Turmoil

Alas, Mullin’s fiery announcement comes at a most inopportune moment for the project. The company has vehemently denied the scandalous claims that it holds 90% of the OM token supply. They have also rejected the dastardly allegations of market manipulation and insider trading from some disgruntled community members. How scandalous! 😱

Mantra insists that the recent price drop was due to “reckless liquidations” and not the misdeeds of the team. The charts tell a tale of woe, reflecting a nearly 90% decline in value over the past month. A tragedy worthy of a Shakespearean play! 🎭

Major exchanges, OKX and Binance, witnessed a flurry of OM trading activity just before the token’s unfortunate collapse. Yet, both platforms have denied any wrongdoing, claiming the crash was merely a result of cross-exchange liquidations. A tale as old as time! ⏳

They attribute the calamity to tokenomics adjustments made in October 2024 and the wild winds of market volatility that led to high-volume cross-exchange liquidations on April 13. A perfect storm, indeed! 🌪️

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2025-04-16 18:38