Mantra Addresses Unexpected OM Token Price Drop

According to Odaily, Mantra has issued a statement regarding the unexpected significant drop in the price of its OM token. The statement clarifies that the Mantra team has not engaged in any selling activities. The funds of the Mantra mainnet OM team and advisory team remain 100% locked, while the ERC-20 tokens are publicly circulating and not under team control. Currently, 77.5 million OM tokens are in circulation, with over 200,000 mainnet OM wallets. The initial forced liquidation sales exerted downward pressure on the price, triggering automatic liquidation events on exchanges for leveraged positions using OM as collateral. This led to further liquidation and collateral seizure, adding additional downward pressure. Some major OM traders were liquidated by centralized exchanges. Mantra plans to release details of an OM Token support plan, which will include a token buyback and supply destruction strategy. Mantra CEO John Patrick Mullin has publicly committed to destroying the tokens allocated to his team.