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MANTRA CEO Burns His Own Tokens After OM Price Crashes 90%
Hey crypto fam 👋 — big news out of the MANTRA camp this week, and it’s a mix of drama, damage control, and some serious fire (literally 🔥). If you’ve been tracking the OM token, you’ve probably seen the chaos unfold. Here’s the full scoop, explained in plain English.
💥 What Just Happened?
The price of OM — MANTRA’s native token — crashed 90%. Yep, you read that right. The community was furious, and trust in the project hit rock bottom.
In response, MANTRA founder and CEO John Patrick Mullin made a bold move: he’s burning 150 million of his personal OM tokens to try and win back the community’s trust. That’s a huge chunk of his own stake going up in smoke (figuratively, of course 🔥).
😮 Why Burn His Own Tokens?
Good question. Here’s the simple idea:
- Burning tokens = permanently removing them from circulation.
- Less tokens = lower supply.
- Lower supply = potentially more value for remaining tokens + higher staking rewards.
But this isn’t just about tokenomics. It’s also about restoring reputation. The CEO is saying:
“Look, I’m serious about the community. I’ll give up my own share to prove it.”
