- The founder and CEO of Mantra is committed to burning the offer of the 300 million OM team.
- The accident of April 13 eroded the structure and the confidence of the community – the reconstruction will take some time.
After Mantra (OM) saw an accident of 90% on April 13, CEO John Mullin argued that “forced liquidations” on centralized exchanges were to be blamed for this drop.
Lookonchain pointed out a few first OM investors linked to Dumping portfolios, but Mullin denied these statements.
More recently, the founder announced that he was planning to burn the team’s tokens. In an article on X on April 16, he wrote,
“I plan to burn all my team tokens and when we turn it around the community and investors can decide if I have won it.”
There were 300 million OMs, or 16.88% of the supply in circulation, reserved for the team and its main contributors. Before the price drop by 90%, these tokens were worth around $ 1.9 billion.
At the time of the press, their value was around $ 234 million. These tokens are locked and should be released in stages between April 2027 and October 2029.
Some members of the community welcomed this decision and suggested that it should be put to a decentralized vote.
Others, like the founder of crypto jokes, Ran Neuner, observed that this decision could compromise the motivation of the long -term team.
What do the price graphics say?
Source: OM / USDT on tradingView
In short, nothing good. A 90% wiping makes technical analysis difficult because it erases the trend that has been built in recent months.
The rally from November was erased in one day, and the level of extension of 27.2% below the hollow of November was tested. A drop below $ 0.364 seemed possible.
Source: Coringlass
The 3-day liquidation thermal card showed that there was an accumulation of liquidity at $ 1, just above current market prices. OM should climb another 30% to test this region of liquidity.
Source: Coringlass
The 24 -hour thermal card highlighted $ 0.72 and $ 0.82 as nearby liquidation clusters. He was likely to test one, then sweep the other.
The order of this decision was not clear, but the $ 0.82 was closer and therefore more likely to be tested first.
It remains to be seen if the mantra can recover from the Sunday dive. The community has been shaken, but there is a chance that Rwa investors will consider it an opportunity. Dyor is extremely important.
Sunday saw $ 5 billion in market capitalization suffered from Mantra, which questions if this RWA ecosystem is so much, or if a good part of it was vapor.
Investors might want to wait instead of buying Fomo.
Notice of non-responsibility: The information presented does not constitute financial investments, exchanges or other types of advice and is only the opinion of the writer
