🤯OM Token Meltdown?! You Won’t Believe What They Did Next!🔥

by

So, apparently, MANTRA’s CEO, this John Patrick Mullin character, is setting fire to his entire stash of OM tokens—a cool $87 million at current prices. Why, you ask? Well, because the token took a nosedive, a spectacular 90% plunge last week. It’s like watching a soufflé deflate, but with more zeros involved. 💸

OM Token Crisis Spurs MANTRA to Cut Supply with Massive Burn

This “burn,” as the team oh-so-dramatically calls it in their blog post, is supposed to be fully verifiable via those oh-so-trustworthy onchain transaction hashes. They’re yanking 150 million OM tokens out of circulation, which sounds impressive until you realize they started with, like, a billion of them. It’s like bailing water out of the Titanic with a teaspoon. 🥄 Mullin and his crew are all about “rebuilding trust” and advancing MANTRA’s “vision,” which, let’s be honest, probably involves a lot of jargon and very little actual trust. 🤔

These tokens, which were apparently chilling in some staking pool since October 2024, are being evicted by April 29 and sent to a burn address. MANTRA is also trying to convince other partners to toss another 150 million OM tokens into the bonfire. Because when in doubt, destroy money! 🔥

The goal here is to “stabilize” things, which is crypto-speak for “stop the bleeding.” They’re bragging about how this will boost staking rewards, as if anyone still cares about staking rewards after losing 90% of their investment. 🙄 And on April 19, they unveiled a “real-time dashboard” to improve transparency. Because nothing says “we’re trustworthy” like a dashboard that shows you exactly how much money you’ve lost. 📊

They’re promising “additional features” soon, because everyone knows the best way to fix a financial crisis is with more features. Apparently, there were “allegations” of insider shenanigans, which MANTRA and their pals vehemently denied. Mullin and his team are blaming “reckless liquidations” by exchange platforms. It’s always someone else’s fault, isn’t it? 🤷‍♂️

With OM’s market cap having shrunk by a casual $5 billion, this whole supply-cutting, transparency-pushing thing is a make-or-break moment for MANTRA. The crypto community is watching to see if this can fix things, or if the problems are just too deep. So far, OM is up 2% in the last 24 hours. 2%? That’s like finding a penny on the sidewalk after your house burns down. 🏚️

Read More

2025-04-21 19:28