The crypto world was hit with another shock this week — Mantra’s OM token plunged a staggering 95%, leaving investors stunned and scrambling for answers. What went wrong? Was it a scam, insider selling, or just another case of market chaos?
Rumors have been flying fast, with the community raising serious concerns about transparency and trust. But now, Mantra’s CEO John Mullin is breaking the silence. He’s come forward to address the backlash, set the record straight, and share the team’s plan to recover.
Here’s everything you need to know.
In a recent AMA session, Mullin directly tackled the rumors. He strongly denied that early investors, like Laser Digital, sold off their tokens before the price crash. He also rejected the claim that the Mantra team controls 90% of the total OM supply.
Calling the accusations “baseless,” Mullin pointed to a new transparency report released by the team. This report shows wallet holdings and is meant to give the community a clearer view of how tokens are managed.
According to Mullin, the price crash wasn’t due to any internal scam or manipulation. Instead, it was triggered by a chain reaction of exchange liquidations.
Some traders had used OM tokens as collateral for loans. As the price started to fall, those tokens were automatically sold by exchanges to cover losses — which led to an even bigger drop in price.
Mullin said that the team’s top priority now is to recover the OM token. To do that, Mantra is taking two major steps:
1. Token Buyback to Increase Demand
The team is considering a buyback program. This means Mantra may start purchasing OM tokens from the market using their own funds, in order to boost demand and support the token’s value.
2. Using the $109 Million Ecosystem Fund
Mantra has a $109 million ecosystem fund, which is now being redirected to support the OM token and help revive the project. This is a major sign of the team’s commitment to bouncing back stronger.
Since the crash, OM has started to show small signs of recovery. It’s currently trading around $0.60, with a market cap of $585 million.
While there’s still a long way to go, the Mantra team says they’re fully focused on rebuilding — and they’re not backing down.
If Mantra pulls this off, it might just turn one of the year’s biggest crashes into a comeback story.
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