Mantra Begins Major OM Token Burn

The CEO of Mantra, John Patrick Mullen, announced the initiation of a burn process involving 150 million OM tokens. This action follows a sharp decline in the token's price on April 13. With this token burn, the total supply of OM tokens will decrease to 1.67 billion. Mullen stated that this step is the first move toward rebuilding community trust. Additionally, discussions are ongoing with key partners to burn another 150 million tokens, aiming to reduce the total tokens burned to 300 million. This initiative is expected to decrease the supply and enhance shareholder returns. Currently, the price of OM is approximately $0.52, significantly lower than its previous peak.