16-4-2025 – Mantra has moved to quell concerns following a sharp decline in its OM token value. The blockchain firm’s leadership has staunchly affirmed that their internal team maintains a hands-off approach, with their mainnet OM holdings remaining firmly under lock and key.
Market data reveals a substantial ecosystem of over 200,000 mainnet OM wallets, collectively managing a circulating supply of 77.5 million tokens. The company emphasises that whilst the ERC-20 tokens trade freely in the open market, they remain beyond the organisation’s direct control.
The price spiral appears to have been triggered by an initial wave of forced liquidations, setting off a chain reaction across various trading platforms. This domino effect particularly impacted high-leverage positions where OM served as collateral, leading to substantial positions being forcibly closed by centralised exchanges.
In response to these market disruptions, Chief Executive John Patrick Mullin has unveiled ambitious plans to stabilise the token’s ecosystem. The forthcoming support strategy encompasses both a buyback scheme and a token reduction initiative, with Mullin making a notable pledge to eliminate his team’s token allocation.
