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OM Jumps 30% as Mantra CEO Announces Team Token Burn to Rebuild Trust After Crash
In a dramatic turnaround, Mantra (OM) has surged over 30% in the past 24 hours following CEO John Patrick Mullin’s bold announcement of burning his entire team’s token allocation. The move is seen by many as a vital step towards rebuilding trust with the community after a devastating crash.
The sharp rebound comes just days after OM suffered an unprecedented 90% price drop, sparking widespread panic and forced liquidations across crypto exchanges. Community speculation quickly turned to accusations of insider dumping and manipulation, leaving a trail of destruction in its wake.
However, Mullin swiftly responded publicly, denying the allegations and clarifying that the team’s 300 million OM tokens remain locked until at least April 2027. The CEO’s prompt reaction helped diffuse some tension, but it was his subsequent announcement to burn his entire allocation of 772,000 OM tokens that really got the market buzzing.
This strategic move is symbolic in its own right. By sacrificing hundreds of millions of dollars’ worth of tokens, Mullin is sending a clear message that the Mantra team is committed to transparency and accountability. Furthermore, it sets an important precedent for other projects struggling with trust issues following similar crashes.
The 30% jump in OM’s price is no doubt influenced by this development, as well as the CEO’s promise of more transparency and a long-term token buyback program. While some may question the viability of such measures, there can be little denying that these steps will help rebuild confidence among investors.
At present, it remains to be seen whether these efforts will pay off in the long run. For now, however, OM appears to have gained significant momentum, as the market responds positively to the CEO’s bold plan.
This is an incredible turn of events for OM holders, who just days ago were staring at a crippling loss.
Source: https://cryptopotato.com/om-jumps-30-as-mantra-ceo-announces-team-token-burn-to-rebuild-trust-after-crash/
