Mantra Plans “Comprehensive Burn Program” of OM Following 90% Crash

Real-world asset venture Mantra plans to create a complete burn program for its OM token, CEO John Mullin stated in an X submit Wednesday.

Mullin was responding to a submit which stated he was planning to burn his crew’s tokens to win again the belief of the group after OM abruptly misplaced over 0% of its worth on Tuesday.

“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,” he wrote.

Token burns consult with the method of completely eradicating a proportion of a cryptocurrency’s provide from circulation with the intention to improve the worth of the tokens that stay.

OM fell from over $6 to beneath $0.45 in a matter of hours on no sudden catalyst.

Mullin blamed the drop on exchanges closing OM positions, however not all people was shopping for this clarification. OKX founder Start Xu referred to the incident as “a big scandal.”

OM trades at round $0.81 on the time of writing, 87% decrease than its value previous to Tueday’s occasions.