There was a huge stir in the Crypto World when the price of Mantra (OM) Token fell more than 90% in a few hours on 13 April. The decline caused a loss of more than $ 5 billion. After this, Mantra Founder and CEO John Patrick Mullin has made a big announcement to bring back the trust. Because Om coin healing top priority for Mantra CEO Is.
150 million om tokens will burn
John Mullin said he would burn his 150 million Om Tokens, whose value is about $ 82 million. Token burn means that these tokens will be removed from circulation forever. This will reduce the supply and the value of the remaining tokans is expected to improve.
Mullin said that these steps show their “strong intentions” that they are serious to re -erect the project and win the confidence of the community. He also clarified that Mantra Workforce did not sell any Om token during this decline.
Tokens unstake on April 29
These 150 million tokeens are currently staked and will be unstained by April 29, after which they will be sent to the network burn address. This will be removed here forever.
300 million om burn can also be planned
Mantra Workforce also stated that they are interacting with some partners to increase the number of token burn to 300 million. If this happens, this total will be about 16.5% of 1.8 billion OM supply. This will reduce the bonded ratio from 31.47% to 25.30%, which can improve stacking rewards.
Community supported burn plan
Mullin conducted a pole on the social media platform X in which more than 8,000 people voted. More than 81% of these users voted in favor of implementing the burn plan immediately.
Slight recovery in the price of tokens, then declines
After burn announcement Mantra (OM) Value I saw a slight rise, but soon declined by 4% again. According to Coinmarketcap, the price has been recorded in the last 24 hours.
Conclusion
This token burn step by Mantra gives a strong message that the team is serious about the project and the community. It will now be seen whether this step will be able to bring both Om Token Value and Trust.
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