OM Token Burn Sparks 30% Price Surge in Stunning Rebound

Key Points

• OM Token Burn Sparks 30% Price Surge in Stunning Rebound
• OM token jumps 30% within 24 hours after massive market dip
• Critics argue the move may affect long-term team incentives
• Team’s full token allocation remains locked until 2027

In the fast-moving world of crypto, trust can be lost in a flash—but bold moves can rebuild it just as quickly.

That’s what John Patrick Mullin, CEO of Mantra (OM), is counting on. After the OM token’s shocking collapse last week, he announced plans to burn his personal share of OM tokens to regain investor confidence. His decision is already making waves—OM has surged 30% in just 24 hours, now trading at $0.78.

This comes after a stunning fall, where OM crashed from $6.30 to below $0.50, wiping out over $5.5 billion in market cap. The community raised eyebrows, and allegations of a pump-and-dump scheme quickly surfaced. But now, with transparency reports and open communication, the Mantra team is attempting to shift the narrative.

OM’s recovery joins other recent market rebounds like the Solana meme coin surge, which saw $100 million daily trading volume (read more) and Ethereum dApps pulling in $1 billion in Q1 2025 revenue (explore here).

CEO Mullin’s Personal OM Token Burn Proposal

Mullin took to X (formerly Twitter) to announce his intention:

The teams token allocation are actually vesting only starting in 2027, which is 30 months from mainnet launch (Oct. 24).

I’m planning to burn all of my team tokens and when we turn it around the community and investors can decide if I have earned it back. 🫡🕉️ https://t.co/ZQR1H5xAqF

— JP Mullin (🕉, 🏘️) (@jp_mullin888) April 15, 2025

He later clarified that this proposal only applies to his personal allocation of 772,000 OM tokens. Meanwhile, the full team allocation—300 million OM tokens, or 16.88% of total supply—remains under lock and key via a vesting schedule that begins in April 2027 and completes by October 2029.

While some praised the gesture, others questioned its long-term impact. Ran Neuner, founder of Crypto Banter, warned:

This would be a mistake. We want teams that are highly incentivized. Burning the incentive may seem like a good gesture but it will hurt the team motivation long term.

My suggestion;

Just keep building.

— Ran Neuner (@cryptomanran) April 15, 2025

His concern mirrors what many in the industry believe—that leadership should be incentivized to build, not penalized to prove loyalty. Mullin responded by saying that this is just the beginning and suggested an alternative: transferring the tokens to a community-controlled dispersal mechanism.

Such community-first initiatives are also being explored elsewhere, like in the Baby Token launch, where tokenomics are designed to empower holders directly (learn more).

I was only suggesting my allocation to start with, and perhaps it isn’t burned but rather put into a community-controlled dispersal mechanism that they can decide if I’ve earned it or not.

Regardless, we keep building ser 🫡🕉️

— JP Mullin (🕉, 🏘️) (@jp_mullin888) April 15, 2025

Transparency, Trust, and a Road to Recovery

On April 13, the OM token took a nosedive, with BeInCrypto reporting a freefall from $6.30 to under $0.50. As panic spread, investors demanded answers.

Mullin quickly responded. In a recent interview, he revealed that no team tokens have been sold, and a detailed transparency report was released showing all team wallets and holdings.

“We don’t have leverage positions on exchanges. We don’t do that,” Mullin stated firmly.

He also addressed the $25–$30 million in over-the-counter (OTC) token deals, explaining that these transactions were made to fund business operations—but are still locked and not yet executed.

“None of the OTC sales that we’ve had have actually been executed yet. So the tokens are all still locked,” he added.

OM Price Performance. Source: Techtoken

Mullin’s next step is a full post-mortem report, expected to clarify what led to OM’s sudden collapse. This report will also detail a proposed OM token buyback and a larger supply burn initiative—similar in scope to recent moves by regulators to bring clarity to DeFi, like the IRS’s proposed broker rule for DeFi platforms (details here).

The market seems to be responding. With OM’s 30% rebound, confidence appears to be returning slowly but surely. While it’s not a full recovery yet, it’s a powerful reminder of how community sentiment can pivot when transparency and leadership align.