Mantra Burns 300 Million OM Tokens to Reduce Total Supply

John Patrick Mullin, CEO and founder of Mantra, recently announced a 300 million OM token

John Patrick Mullin, the CEO and founder of Mantra, recently announced a 300 million OM token burn and a 150 million token unstaking event, set to take place by April 29.

The tokens will be permanently removed from circulation, aiming to reduce the total supply of OM, currently at 1.82 billion.

This move follows a recent report by The Data Nerd, highlighting a whale wallet, 0x5AC, which had been accumulating OM for the past month.

The wallet, which is still holding some 1.173 million OM at a value of $595,000, appears to have sold 1.724 million OM for 1 million on Binance two days ago.

The report highlighted that if the whale exists entirely at current prices, it will be realizing a staggering $10.1 million loss.

The wallet, which is still holding some 1.173 million OM at a value of $595,000, appears to have sold 1.724 million OM for 1 million on Binance two days ago.

If the whale exists entirely at current prices, it will be realizing a staggering $10.1 million loss.

The report comes after Mullin announced a bold recovery move following a 90% crash in OM on April 13, which saw the token's price plummet from $6.30 to less than $0.55 in a few hours.

During the crash, which also saw the token's circulating supply increase significantly, Mullin revealed plans to burn 150 million OM tokens, currently being unstaked and scheduled for execution by April 29.

The tokens will be permanently removed from circulation, aiming to reduce the total supply.

In addition to the unstaking event, discussions are also underway to burn another 150 million OM tokens, potentially halving the team and ecosystem allocations.

If executed, this permanent token removal will cut OM's total supply from 1.82 billion to 1.67 billion.

The reduction in circulating and staked tokens, by over 26%, is also expected to enhance staking returns, with APR rising as the bonded ratio drops from 31.47% to 25.30%.

The news comes as OM has seen a massive 88% surge in trading volume following the announcement of the token burn.

The token is currently trading at $0.52, up by 0.5% in the last 24 hours.

Popular crypto analyst Moon Jeff views the current dip as a buying opportunity, predicting a near-term target of $1 and even greater values for OM in the future.

You will never go wrong buying the $OM dip. Recovery will be epic. Target at $1. And maybe bigger values. 👌

— MOON JEFF 🪐 (@CRYPTOAD00) April 21, 2025

On the other hand, critics such as CryptoNinjas are less optimistic, noting that around 4 million OM tokens continue unlocking every few weeks, with 45% of the total supply still locked.

This, they argue, undermines the burn's impact, and that the team acted too late. According to the analysis, charts suggest a slow bleed, rather than recovery.