A whale's recent deposit of over 1.7 million OM to Binance has sparked sell-off fears just as Mantra CEO John Mullin initiates a 150 million token burn.

Mantra CEO burns 150 million OM tokens to restore trust and value after 90% price crash, with plans for additional burns totaling 300 million tokens.

Mantra, the platform specialized in tokenization of real-world assets (RWA), has announced a burn of 300 million OM tokens, equivalent to approximately 16.5% of the total supply, with an estimated value of 160 million dollars. This decision comes at a critical time for the platform, which has seen its token lose 90% of its value in just one day, April 13, with a market capitalization evaporated by over 5 billion dollars. According to the Mantra team, the main cause of the collapse is attributed to irresponsible liquidations by the exchanges, which triggered a bear spiral.

Mantra, the real-world asset tokenization platform whose OM token crashed earlier this month, is pushing to burn as much as 16.5% of its total supply valued about $160 million to boost staking rewards after talks with key partners.

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Mantra founder and CEO John Patrick Mullin has started unstaking 150 million of his Mantra (OM) tokens in preparation for sending them to a burn address in an attempt to restore the token's value by tightening supply. Mantra announced on April 21 that the unstaking process had begun, and would be completed by April 29, at which point Mullin's Mantra (OM) tokens will be sent to the burn address and permanently removed from circulating supply.

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MANTRA founder and CEO John Patrick Mullin has initiated the burn of his full 150 million OM token allocation, following through on a commitment made last week to bolster transparency and rebuild trust within the community.

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OM price has reacted negatively to MANTRA's new token burn announcement. The team announced a token burn plan that will remove 150 million OM tokens from circulation forever.

TL;DR Mantra will burn 150 million OM tokens belonging to its founder on April 29, aiming to reduce supply and adjust staking rewards. The project is in talks with other ecosystem members to burn an additional 150 million tokens, though there's no confirmed date for this second phase yet.

MANTRA also said it is in talks with ecosystem partners to burn an additional 150 million tokens, bringing the total burn to 16.5% of OM's supply.

MANTRA CEO, JP Mullin, is burning 150 million OM tokens from his own allocation and engaging other ecosystem partners to burn an additional 150 million tokens. This 300 million OM token burn aims to restore investor trust in the project and stabilize the altcoin's price dynamics.

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According to the team, MANTRA CEO and founder John Patrick Mullin is burning his entire 150 million OM token allocation—worth approximately $87 million at current prices—in a bid to restore trust following the token's historic 90% collapse last week. The move comes as OM trades at $0.5832, down 90.4% over the last two weeks.

DeFi protocol MANTRA has begun the process of burning 150 million OM tokens from its team and core contributor allocation.

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The collapse of the MANTRA (OM) token has left investors reeling, with many facing significant losses. As analysts comb through the causes of the collapse, many questions remain.

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This week in crypto recorded several key events across various ecosystems that will continue shaping the industry.

Mantra's recovery efforts aim to restore investor confidence and stabilize the ecosystem, highlighting the importance of transparency and trust. The post Mantra CEO says team is finalizing burn program details, buyback is well underway appeared first on Crypto Briefing.

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Mantra's OM token crashed by over 90% on April 13, falling from around $6.30 to under $0.50 in a matter of hours.

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The CEO and co-founder of the real-world asset (RWA) crypto project Mantra (OM) unveils a plan to bring back community trust following a massive sell-off of the blockchain's token. On Sunday, the value of the OM token plunged from a high of $6.35 to a low of $0.37, representing a huge drop of 94%.

The Mantra team has cleared the air on the collapse, but traders remain cautious on the sidelines awaiting a post-mortem report. The post Can Traders Trust the MANTRA Price Bounce? Post-Mortem Report on Collapse Incoming appeared first on Cryptonews.