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Mantra CEO Pledges to Burn $OM Tokens— but Is This Heroism or Just Hot Air?

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Somewhere on the digital steppe, by the flickering light of a monitor—one can almost hear the plaintive whistle of the wind. Mantra’s
OM
$0.78
24h volatility: 13.8%
Market cap: $752.88 M
Vol. 24h: $1.46 B
, once thought dead and buried beneath mountains of misfortune, awakens with a 30% leap in price. Is this a resurrection, or merely another twitch in the body of modern finance? The world may never know, but the CEO, a certain John Mullin, assures us with all the gravity of a czar who has misplaced his crown jewels, that he shall burn the team’s entire stash of OM tokens. 🔥

Once upon a not-so-distant April, there dwelled a treasure of 300 million OM tokens—nearly 17% of Mantra’s kingdom—locked away like winter potatoes, never to see daylight before April 2027. The plan, however, has now been tossed aside like a Dostoevskian plot twist: the tokens, it seems, are to be vanished, as if by magic, not with a bang but a whimper, or possibly a whimper with some blockchain paperwork.

Ah, but what is a good Russian tale without disaster? On April 13, OM’s price plummeted from $6.30 to $0.52—nearly six billion dollars evaporated like vodka at a village wedding.

Everyone’s a Critic—Even in Crypto

Mr. Mullin, fortified by courage (or perhaps insomnia), writes on X, that strange modern salon, suggesting the crowd should decide his fate. Nothing boosts confidence quite like a crowd on social media, right?

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. 🫡🕉️

— JP Mullin (🕉, 🏘️) (@jp_mullin888) April 15, 2025

The crowd, being fickle, is not of one mind. Some praise the heroism, while others, like Ran Neuner, wring their hands over the prospect of team members working for free—a dreadful notion, unless you quite like your Dostoevsky with a side of existential dread:

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

Meanwhile, Bonnke4life, presumably not a Tolstoy character but could easily be one, urges caution in J.P.’s scorched-earth enthusiasm. “Don’t burn it all,” he pleads. Why not instead try buybacks and more bureaucratic transparency? Less drama, more procedural reform—the bureaucrat’s answer to everything.

I think JP shouldn’t burn his allocation

I know he wants a community win but it 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

Our protagonist, Mr. Mullin, hints that perhaps all should be resolved by a decentralized vote—very democratic, very 21st century, or as the Russian peasants used to say, “I dreamed one day I would get to vote on whether my overlord sets his fortune on fire.” 

There are promises of a full post-mortem on the April 13 catastrophe and the dangling carrot of a $109 million Ecosystem Fund to bring order to the chaos. Tools may include strategic burning and measured buybacks—what a world, where solutions sound like they came from the back table of a smoky casino.

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

Whispers—rumors—accusations! Insider trading? Centralized control? The Mantra team, wide-eyed and indignant, swears they are innocent as a country doctor, blaming instead the miseries of cross-exchange liquidations and that old Russian standby, mismanagement of resources.

OM to the Moon? Or Just Another Comet?

And now, at $0.78, OM sits—humbled, yet apparently optimistic. The market cap is puffed up once again, and a prophet by the name of Dom’s Crypto has visions of bullish pennants dancing like sugar plums:

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‘

— Dom’s Crypto (@Doms_Crypto) April 15, 2025

It is said, should OM breach $1.20, a wild leap to $3.50 might follow—a 500% rally, no less. Whether destiny has such riches in store, only time (and perhaps a stray bear or two) will tell. In the meantime, keep your tokens close and your samovar closer. ☕️

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2025-04-16 16:11

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