John Patrick Mullin, the CEO of Mantra, announced a new plan to restore community trust following the sudden devaluation of OM Coin. The recent plunge raised concerns among investors about their losses, while also highlighting the steps taken aligned with the project’s long-term goals.
OM Coin Collapse
Last Sunday, the price of OM token plummeted from $6.35 to $0.37 in a sudden drop. This represented a staggering 94% decrease, with at least 17 wallets transferring 43.6 million tokens valued at $227 million.
In a social media post, CEO Mullin announced the implementation of a buyback and token burn program aimed at reducing supply as part of a support strategy. He also noted that live data panels reflecting tokenomic structures would be created to enhance market transparency.
Future of OM Coin
Mullin stated that after investigations, the team did not sell their tokens during market pressure. According to his statements, forced liquidation processes from centralized exchanges contributed to the losses faced by investors.
John Patrick Mullin: “I have begun to burn tokens allocated for my share. We will soon share details of the comprehensive burn program. We are creating a panel that provides live data on specific tokenomic indicators to enhance market transparency.”
The CEO emphasized his sensitivity to the losses experienced by community members, noting that the situation of investors, regardless of their scale, was important to him. This statement hinted that more details about the support program would be clarified in the coming days.
These steps aimed at renewing investor confidence are seen as crucial for ensuring overall market transparency and trust. However, recovery may not occur with the price stabilizing around $0.65 and the CEO’s declarations not translating into concrete actions.
The measures taken within the project and the announced support program could ultimately help investors operate in a more controlled environment in the long run. Market observers expect these moves to be effective in rebuilding credit and trust within the community.
