Following a major collapse, Mantra (OM) has surged 30% in a day, fueled by a token burn proposal from its CEO.
After a major collapse that wiped billions from its valuation, Mantra OM $0.47 24h volatility: 9.7% Market cap: $455.92 M Vol. 24h: $193.36 M has bounced back with a 30% price gain in the past 24 hours. This recovery coincides with Mantra CEO John Mullin’s pledge to burn the entire token allocation designated for the core team.
The team’s allocation of 300 million OM, about 16.88% of the total supply, was locked and set to be released in stages from April 2027 to October 2029. But, Mullin is now proposing to destroy them entirely.
Notably, on April 13, OM saw a free fall from $6.30 to $0.52 in a matter of hours, erasing over $5.4 billion in value.
Divided Reactions Over Token Burn Plan
In a recent post on X, Mullin said that the community should be the one to decide if he’s earned it back.
The teams token allocation are actually vesting only starting in 2027, which is 30 months from mainnet launch (Oct. 24).
I’m planning to burn all of my team tokens and when we turn it around the community and investors can decide if I have earned it back. 🫡🕉️ https://t.co/ZQR1H5xAqF
— JP Mullin (🕉, 🏘️) (@jp_mullin888) April 15, 2025
While some applauded the plan as community-driven, others criticized the move. Crypto Banter’s Ran Neuner argued that such extreme actions might weaken the team’s motivation over time.
This would be a mistake. We want teams that are highly incentivized. Burning the incentive may seem like a good gesture but it will hurt the team motivation long term.
My suggestion;
Just keep building.
— Ran Neuner (@cryptomanran) April 15, 2025
Another community member on X, Bonnke4life, echoed a similar concern. He suggested that rather than eliminating team incentives altogether, Mullin should rework token vesting schedules and enhance transparency through structured buybacks.
I think JP shouldn't burn his allocation
I know he wants a community win but iy should not be at his own detriment.
The space could be so toxic, do such good and people don't appreciate.
Let's fix MANTRA with good community vibes, token buybacks and normal burns
Maybe…
— Bonnke4life🥷 (@Bonnke_HIM) April 15, 2025
Mullin has suggested deciding the team’s token burn based on a decentralized vote.
Interestingly, the CEO has also pledged a full post-mortem on the April 13 crash and plans to use the $109 million Mantra Ecosystem Fund to stabilize OM. This may involve controlled token burns and buybacks.
1) A quick note to say how much I appreciate all the support the MANTRA team has received in the past 36+ hours. The support and kind words have come from many sources – from partners, investors, friends, and from the wider Web3 community. Thank you.
— JP Mullin (🕉, 🏘️) (@jp_mullin888) April 15, 2025
It is important to note that the Mantra team has completely denied rumors about insider trading and centralized control over 90% of OM’s supply. It attributes the price crash to poorly executed cross-exchange liquidations, compounded by changes to OM’s tokenomics last October.
A 500% OM Price Rally Ahead?
At the time of writing, OM is trading at around $0.78. The token’s market cap has also seen a 30% uptick, currently sitting at $761 million. Popular crypto analyst Dom’s Crypto recently presented a bullish case for the token.
Another, even bigger ‚Bullish Pennant‘ about to complete for Mantra
IF $OM manages to breakthrough $1.20
Be NOT surprised to see ~$3.50
See at my second chart where you can note the MA 200 (red) on LTF 30‘ pic.twitter.com/ArD7npY9IO
— Dom's Crypto (@Doms_Crypto) April 15, 2025
According to Dom, OM is forming a “bullish pennant” pattern on the 30-minute price chart. If the token manages to break past $1.20, he predicts it could surge to around $3.50, which is a 500% rally from the current level.
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