OM Slides Deeper as Massive Token Burn Falls Flat
OM is struggling to recover despite a bold move by MANTRA to slash token supply.
In a surprise twist, the announcement of a massive 150 million token burn—soon to be doubled—wasn’t enough to lift the token’s price, which continued to slide.
Instead of rallying, OM dropped another 5% within 24 hours of the news, adding to a devastating 91% plunge over the past month. Even CEO John Patrick Mullin’s personal commitment to destroy his entire 150 million token allocation couldn’t shake the market out of its bearish momentum.
These tokens, initially staked during MANTRA’s mainnet launch in October 2024, are now being unstaked and prepared for permanent removal. The full burn process is expected to complete by April 29, with verifiable transaction data shared publicly.
Looking ahead, MANTRA is already working with ecosystem partners to double the burn, aiming to eliminate 300 million tokens in total. If realized, this would cut the circulating supply by over 8%, with noticeable effects on staking dynamics. The bonded ratio would drop from over 31% to roughly 25%, potentially boosting staking yields due to reduced competition.
But for now, optimism remains cautious. The aggressive deflationary strategy hasn’t yet reversed the token’s downtrend—and recent comments from Binance highlight just how serious the situation has become.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
