Mantra CEO Vows to Torch Tokens as OM Takes a Plunge That Would Make a Cliff Jealous

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  • Mantra’s founder and CEO, like a gambler with a burning cigar, swore to burn 300 million OM tokens.
  • The wild crash on April 13th shook the ground and frayed nerves alike — no quick fix in sight.

When Mantra’s OM dropped like a stone on the 13th of April—losing a good 90% of its value—John Mullin, the guy with the CEO badge, pointed the finger at “forced liquidations” on the big exchanges. As if someone else had pushed the dominoes, not the market’s cold, indifferent grip.

Lookonchain poked around and fingered some early OM backers for dumping their stacks, but Mullin waved them off faster than a fly at a picnic.

Then came the heavy promise—an old-fashioned token-burning bonfire. On April 16th, on that little bird platform called X, Mullin said,

“I’m planning to burn all of my team tokens and when we turn it around the community and investors can decide if I have earned it back.”

There sat 300 million OM tokens, reserved for the team, a hefty 16.88% of what floats around. Before the plunge, they sat pretty at near $1.9 billion. Now? Barely $234 million. Slow clap for gravity.

These tokens are locked up tighter than a barn door in a storm, trickling out between 2027 and 2029 when the world might look a little different—or not.

Some good folks welcomed the dramatic token BBQ and called for a decentralized vote, because why not add a little democracy to the token funeral.

Others, including Crypto Banter’s Ran Neuner, smelled a rat—they feared burning tokens might just burn the team’s will to keep the dream alive. Motivation’s a tricky beast.

Price charts? They’re not telling a bedtime story.

In plain terms, the charts look like a mess after a 90% gut-punch, wiping clean months of climbing hope.

The November rally just evaporated overnight, testing lows like a stubborn mule eyeing a fence. A slide past $0.364? Could happen—markets do enjoy surprises.

The three-day heatmap says this: liquidity’s piled high around $1, a good 30% climb needed before OM even thinks about that party.

The 24-hour heatmap singles out $0.72 and $0.82 as the juicy spots for liquidations—like two apples hanging on a shaky branch. Pick one and then maybe the other.

Which one gets tested first? The closer $0.82 looks like it’s first in line, standing at the edge of the ring.

Whether Mantra can climb out of this hole or just dig deeper remains a tale yet to be told. The community’s shaken, like a mule with a burr, but maybe some real-world asset investors will see the drop as a bargain. Do your own research—or enjoy the ride.

Sunday wiped $5 billion off Mantra’s market cap, fueling whispers if this real-world asset playground is all it’s cracked up to be, or just hot air in fancy trousers.

Investors might want to resist the urge to FOMO in. Patience, grasshopper. Or not. Your call.

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2025-04-17 00:11