Mantra CEO plans to burn his OM tokens to restore investor confidence after a 30% price hike. Learn more about the recent market developments.
John Patrick Molin, the CEO of the Mantra project, announced his intention to burn a portion of his OM tokens to regain investors’ trust following a sharp decline in the token’s price. Molin currently holds around 772,000 Mantra tokens, less than 1% of the total circulating supply. Despite his promise to burn the tokens, the exact amount he will burn is yet to be determined. The recent drop in OM token value led to a significant market loss, decreasing from about $6 billion to $530 million. At the time of writing, the price of Mantra has increased by nearly 30% in the past 24 hours, reaching $0.79.
