MANTRA has announced that CEO and Founder John Patrick Mullin will be burning 150 million OM tokens from his team offering. This decision follows a promise made to the community last week. As is known, the OM price experienced a very sudden drop in recent days and the altcoin lost 90% of its value, suddenly wiping out $5 billion from its total market value. Following this unexpected development, allegations of manipulation regarding the token emerged. According to the statement made by the development team, in order to support network security, the 150 million OM tokens that were initially staked during the mainnet formation in October 2024 have entered the process of being removed from staking. This unstaking process will end on April 29, 2025, after which the tokens will be sent to a designated burn address and permanently removed from circulation. Related News: After Waiting Patiently For 2.5 Years In This Altcoin, The Cryptocurrency Whale Gave Up Today: Missed 1 Million Dollar Profit The supply burn will reduce MANTRA’s total token supply from 1.82 billion OM to 1.67 billion OM. It will also reduce the number of staked tokens from 571.8 million OM to 421.8 million OM and reduce the stake ratio from 31.47% to 25.30%. As a result, the staking APR is expected to increase due to the reduced staked token supply. In addition to this burn, MANTRA announced that it is in discussions with key ecosystem partners to facilitate the burning of an additional 150 million OM tokens. If completed, the total amount of tokens burned will reach 300 million OM. Although the OM price initially reacted positively to this development during the day, the gains were soon erased and the token lost 5% of its value in the last 24 hours. *This is not investment advice. Continue Reading: After Suddenly Dropping 90 Percent, Mantra (OM) Developers Release a New Statement: New Progress on 150 Million Token Burn
