Date: Wed, April 16, 2025 | 12:10 PM GMT
In the cryptocurrency market, Mantra (OM)—one of the strongest Real World Asset (RWA) tokens—suffered a brutal crash on April 13, wiping out over $5 billion in market capitalization within hours. The price plummeted more than 90%, dropping from around $6 to under $0.50. According to the team, this was triggered by “forced liquidations,” shaking investor confidence across the board.
Since the crash, the team has been working to rebuild trust—and a new announcement from the CEO may be a major step in that direction.
Mantra CEO Plans to Burn 300M $OM Tokens
Today, Mantra CEO John Mullin announced his plan to burn the entire 300 million OM tokens allocated to his team. These tokens, worth approximately $236 million at the current price of $0.78, represent about 16.88% of the total OM supply. Originally, these tokens were scheduled to unlock gradually between April 2027 and October 2029.
In addition to the burn, Mullin also shared that the Mantra Ecosystem Fund will allocate $109 million toward token buybacks and further burns. The goal is to help stabilize OM’s price and signal long-term commitment to the project and its communit.
Is a Relief Rally Coming?
Beyond the incident, the technical setup for OM is showing signs of potential movement. On the 30-minute chart, OM is currently consolidating inside a symmetrical triangle pattern. This type of pattern is typically a sign of an upcoming breakout, though it can occur in either direction.
OM is now trading around $0.78 and appears to be testing the upper boundary of the triangle’s descending resistance trendline. If the price manages to break above this resistance and confirms with a successful retest, a relief rally toward the $1 level becomes a strong possibility. That would represent a 27% gain from the current price.
However, if the price fails to break out and instead drops below the ascending support trendline, OM could face another wave of selling pressure and further decline.
Final Thoughts
After an intense selloff that rattled investors and erased billions in market value, Mantra’s move to burn a significant portion of its token supply could mark a turning point. Combined with the current technical formation, OM might be gearing up for a rebound. But until a breakout is confirmed, caution remains key. The next few trading sessions could be crucial in determining whether OM recovers or continues to struggle.
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