OM Slides Deeper as Massive Token Burn Falls Flat

OM is struggling to recover despite a bold move by MANTRA to slash token supply.

MUMBAI, INDIA - MARCH 28, 2025: As the dust settles on Mantra Chain's surprising announcement of a massive 150 million OM token burn, the token continues to slide despite the bold move by the blockchain ecosystem to slash its token supply.

In a surprising twist, the announcement, which will soon see double the tokens burned, wasn't enough to lift the token, which dropped another 5% to $0.1518 by 08:35 ET. This adds to a devastating 91% plunge for the token over the past month.

Even CEO John Patrick Mullin's personal commitment to destroy his entire 150 million token allocation couldn't shake the market out of its bearish momentum.

These tokens, which were initially staked during Mantra's mainnet launch in October 2024, are now being unstaked and prepared for permanent removal. The full burn process is expected to complete by April 29, with transaction data being shared publicly.

This initiative, a collaborative effort with ecosystem partners, will see the burn begin with 150 million tokens, followed by a second phase to eliminate another 150 million. The aim is to slash circulating supply by over 8%.

If realized, this would have noticeable effects on staking dynamics. The bonded ratio would drop from over 31% to roughly 25%, potentially boosting staking yields due to reduced competition.

However, for now, optimism is remaining cautious. The aggressive deflationary strategy hasn't yet reversed the token's downtrend.