So, get this: MANTRA buybacks are finally happening, and guess what? They threw a whopping $25 million at it. Like, why, you might ask? Oh, just to restore confidence and get the OM price back on its sad little feet after it took a $5 billion plunge last April. What a roller coaster, right?
- MANTRA is now playing big with a fresh $25 million slice of pie for OM buybacks.
- The first bite is about 110 million OM tokens, creating some kind of buzz for the Omega (OM) followers.
- This whole money splurge follows CEO Mullin’s April promise after the token took a nosedive from $6 to below $0.50-basically like a financial fish out of water!
Here’s a glimpse into the world of extra funding: the $25 million is on top of Inveniam’s earlier $20 million chip-in, meant to jazz up some blockchain scene in the UAE and U.S. While Inveniam’s cash bump was for institutional stuff, this fresh $25 million is all about shopping for OM tokens in the open market. Can you believe that?
So, the fun begins today, August 27. They’re doing this whole thing on major centralized exchanges with independent trading firms playing the market every so often. After buying, these tokens will find new digs as ERC-20 assets and get hitched with MANTRA’s mainnet while getting staked with its validator set. It’s like a support group for coins-migrating and then staking. Glorious!
With what they’re pondering as market valuations, they’re eyeing about 110 million OM tokens-around 10% of the total chatting population. And this saga fulfills Mullin’s April speech, where he pledged them a buyback to nurse OM back to health after it went from over $6 down to under $0.50. Markets-love ’em or hate ’em, right? 😒
“Now, this buyback program? Not just a wallet exercise, but a big-time thumbs-up from our buddies and investors,” says John Patrick Mullin, CEO and Founder of MANTRA. “Buying back on the open market showcases our faith in OM’s utility and our dreams for its future. Plus, we’re giving some love back to our esteemed token holders. Win-win, I’d say!”
OM Recovery in Sight? But You’re Not Holding Your Breath Just Yet…
And boom! After the announcement, OM’s trading volume has shot up by 200% in 24 hours. Which, if you ask me, could just be a brief affair. Right now, it’s lounging at $0.2305, right before the tough $0.25 wall, which has been playing hard to get since yesterday’s rejection. 🚫
In the long run, though, experts are saying “meh.” OM is still sulking below the 50-day and 100-day SMAs, with short-term buyers pointing fingers at the 7-day EMA, which hasn’t caught up to the 20-day EMA. To turn this ship around, we have to see a little sizzle above these EMAs. But really, who knows?
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2025-08-28 11:29