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- MANTRA investigates the steep 92% drop in $OM token price on April 13 and aims to restore market stability.
- The ERC-20 OM tokens, representing 92% of the circulating supply, experienced most fluctuations during the price drop.
- MANTRA plans to buy back OM tokens, burn them, and release real-time data to improve market transparency and trust.
The MANTRA team seeks to understand why the price of OM tokens decreased so steeply on April 13. The token lost 92% of its value during an hour that started at 18:28 UTC. The sudden price decrease caused people who held the token to worry. MANTRA dedicates its efforts to determining why prices fluctuated so drastically and establishes measures to restore market stability.
The steep price drop triggered extensive queries regarding the market situation from the token owners. Token holders questioned the factors that led to the sudden depreciation of token value. MANTRA performs a comprehensive examination to solve the detected problems.
ERC-20 OM Token Impact
Most fluctuations occurred with ERC-20 OM tokens because these tokens make up nearly 92% of the circulating supply. On April 15, all 99.995% of these tokens had reached full circulation and were distributed among 123,000 wallets. Activities in the event market were primarily determined by the external holders who traded alongside traders. The team at MANTRA revealed there had been no sales of products during the moments of price instability.
A new MANTRA Chain introduced OM tokens, along with the remaining pool launched in October 2024. The circulating supply includes fewer tokens than other existing tokens. Mainnet OM tokens currently circulating in the market number 77.5 million. The ERC-20 OM tokens maintain their position as the main market mover among all circulating tokens in the supply.
MANTRA Chain executed a confirmation regarding team members not performing any product sales since the price decrease became effective. The main net OM distribution allocated to the MANTRA team remains inaccessible to prevent any market manipulation during price fluctuations. The allocated funds stay protected from all market-related changes that impact other assets.
MANTRA’s Stabilization Measures
The market price descended because of the exchange-based liquidations that occurred during this period. Substantial OM token supplies were shifted to crypto exchanges so users could use them for guaranty purposes. Selling tokens at a time when market activity was low led to falling prices in the market. The price declines stimulated a series of additional liquidations that made the market conditions progressively worse.
MANTRA has developed multiple measures to handle existing problems. The team has established plans to buy back OM tokens and destroy them through supply burns. CEO John Patrick Mullin will spend his team allocation by undertaking personal token burning. MANTRA plans to provide real-time tokenomics data through its upcoming dashboard for the purpose of increased openness.
MANTRA team members are working with exchange partners to better understand what initiated the market event. Through collaboration with partners, the team aims to find additional information that will prevent future market problems. The team provides accurate information to the community while conducting continuous efforts to rebuild market trust.
