Can MANTRA Price Revive Following 300M Token Burn?

• Mantra CEO and founder JP Mullin announced a 300 million token burn yesterday, sticking to his promise made last week
• OM MANTRA token price plunged severely on April 13 and wiped out $5.5 billion from the crypto market

OM MANTRA token CEO and Founder JP Mullin announced that the team will burn 300 million tokens. John Patrick Mullin has promised the community to burn his MANTRA tokens last week after the token price crashed significantly. The community is hoping that the MANTRA token will increase following the token burn

As per the official announcement, the MANTRA CEO started burning 150 million tokens that belong to the project’s team and core contributors. The team will burn these tokens after unstaking to fulfill the CEO’s promise. Unstaking of these 150 million tokens will complete on April 29, 2025, and then all of them will incinerate after that

The MANTRA team is in talks with some of its key partners regarding the burning of an additional 150M tokens. Unstaking of the aforementioned 150 million tokens will reduce the project’s bonded ratio from 31.47% to 25.30%, but this will increase the staking APR for the remaining staked tokens

OM MANTRA Price Crashed 90% Last Week

OM MANTRA Price (Source: CoinMarketCap)MANTRA token has been the talk of the town for around 2 days last week for its extreme price plunge. Its price dropped by around 90% in a few hours, raising suspicions about its team. From a price range of above $6, the token dropped to a low of $0.5 price level. It is trading at $0.5136, at the time of reporting, with a 2.97% drop

Several crypto community members accused its founder and team of a large token sell-off, which resulted in its price crash. In response to the allegations, the MANTRA CEO has committed to burning all the tokens of the project’s team and core contributors. The CEO has finally started burning the tokens, sticking to his word

Since the price crash, MANTRA has been trading in the same $0.5 price range. The token burning announcement has brought slight gains yesterday and caused it to briefly touch the 46 mark

However, it fell to the same $0.5 price range today, and it seems to be difficult for the MANTRA to revive anytime soon. The token burn will reduce the supply significantly by the end of this month. This might bring some gains to the MANTRA token in the next few weeks

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