Mantra’s OM token has been through the wringer—shedding nearly 90% of its value within days and wiping out billions in market cap. But in a bold move to calm the storm, Mantra CEO John Patrick Mullin has pledged to burn his entire team token allocation. The question now gripping the community: is this enough to win back trust and stabilize OM’s battered price?
$5.5 Billion Vanishes as OM Token Plummets
The chaos began on April 13, 2025, when Mantra’s OM token collapsed from around $6.30 to just $0.52. The sudden plunge triggered a massive wave of liquidations and fueled concerns of insider dumping. Social media erupted with “rug pull” allegations, drawing comparisons to the 2022 Terra Luna meltdown.
Within hours, over $5.5 billion in market value was erased, prompting traders to demand answers. On-chain data showed suspicious wallet activity and concentrated holdings that intensified criticism toward the Mantra team.
“I’ll Burn My Tokens” — Mantra’s CEO Takes Responsibility
Facing growing outrage, CEO John Patrick Mullin responded publicly, announcing he would burn all 772,000 of his team-allocated OM tokens — worth millions before the crash.
“I’m planning to burn all of my team tokens. When we turn it around, the community and investors can decide if I have earned it back,” Mullin declared on X (formerly Twitter).
The move is widely seen as a reputational sacrifice. Mullin’s tokens were part of the 300 million OM team allocation — about 16.88% of total supply, initially locked until 2027–2029. By torching his share early, Mullin aims to reassure a shaken community.
OM Price Snapshot (April 13–16, 2025)
| Date | Opening Price | Daily High | Daily Low | Closing Price |
|---|---|---|---|---|
| April 13, 2025 | $6.30 | $6.30 | $0.52 | $0.60 |
| April 14, 2025 | $0.60 | $0.85 | $0.58 | $0.78 |
| April 15, 2025 | $0.78 | $0.91 | $0.75 | $0.88 |
| April 16, 2025 | $0.88 | $0.91 | $0.75 | $0.7791 |
Source: CoinMarketCap (as of April 16, 2025)
Partial Rebound, Lingering Doubts
Following Mullin’s statement, OM rebounded modestly to around $0.78, though still nearly 88% below its weekly high. Market sentiment remains cautious, with some praising the CEO’s transparency and others warning it might not be enough.
Crypto analyst Emily Zhou said, “Burning team tokens is a strong gesture — but trust takes time to rebuild, especially after such a dramatic drop.”
Meanwhile, prominent investor Ran Neuner weighed in:
“Burning the incentive may seem like a good gesture, but it will hurt the team motivation long term.”
Road to Redemption: Recovery and Utility
Mantra has laid out early recovery plans. The project will use its $109 million Ecosystem Fund to buy back and burn tokens, stabilize OM’s supply, and invest in ecosystem expansion. Mullin has also floated the idea of putting unvested team tokens into a community-controlled vault, where holders vote on distribution.
Despite the crash, Mantra continues to build. Its flagship product — real-world asset tokenization — remains active, including a $1 billion real estate deal with Dubai-based DAMAC. Such developments hint that the team isn’t giving up.
Conclusion
The collapse of OM has tested the limits of investor patience and exposed cracks in token distribution transparency. However, CEO John Patrick Mullin’s offer to burn his tokens may mark a rare moment of crypto accountability.
Still, rebuilding trust is a marathon — not a sprint. With volatile sentiment, OM’s future now hinges on transparency, utility delivery, and community governance. The burn might be the spark, but true recovery will take more than fire.
FAQs
Why did OM’s price crash so suddenly?
OM dropped over 88% due to market panic, suspected insider activity, and liquidations. The team denies any foul play and has begun damage control.
How many OM tokens will be burned?
CEO Mullin pledged to burn his full 772,000 OM allocation. The team’s total allocation is 300 million OM, or 16.88% of the supply.
What’s the current OM price?
As of April 16, 2025, OM is trading around $0.7791 — up from its post-crash low of $0.52 but still far below its weekly peak of $6.30.
Will OM recover from this crash?
A full recovery depends on investor confidence, transparency, and successful delivery of Mantra’s roadmap, including RWA tokenization and partnerships.
Glossary of Key Terms
Token Burn: A process that permanently removes tokens from circulation, reducing supply.
Rug Pull: A scam in which developers abandon a project or drain funds, causing the token to collapse.
Ecosystem Fund: Capital reserved by a project for development, marketing, and token stabilization.
Real-World Asset (RWA) Tokenization: Converting physical assets, like real estate, into blockchain-based digital tokens.
Vesting: A lock-up period during which tokens allocated to a team or investor cannot be sold or transferred.
Sources
For advertising inquiries, please email . [email protected] or Telegram
