Altcoins News
By Maheen Hernandez
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The cryptocurrency market faced another shockwave this past weekend as Mantra’s native token, OM, experienced a dramatic 88% collapse in value.
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Mullin made the statement in a post on X, formerly known as Twitter, on April 16. In the statement, he declared his intention to burn all of the OM tokens allocated to the team,…
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The tokens in question total 300 million OM, representing approximately 16.88% of the circulating supply. Before the crash, their estimated value was around $1.9 billion.
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The root cause of the collapse appears to be a wave of forced liquidations across centralized exchanges.
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The community’s reaction to Mullin’s pledge has been divided. While some view it as a strong show of leadership and a necessary step toward reestablishing trust, others are more…
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From a market perspective, OM’s technical outlook remains uncertain. The crash effectively erased the bullish trend that had been developing since November 2024, leaving price…
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The incident has also led to broader questions about the valuation of Mantra’s real-world asset (RWA) ecosystem.
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Ultimately, John Mullin’s decision to burn his team’s token allocation is one of the most dramatic moves in recent crypto history.
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Trust, once broken in crypto, is difficult to earn back. For Mantra, the journey toward redemption has just begun.
The Currency Analytics
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