Mantra [OM], the popular cryptocurrency, faced a major setback on the 13th of April when it experienced a staggering 90% crash in its value. The founder and CEO, John Mullin, attributed this crash to “forced liquidations” on centralized exchanges, causing panic among investors and shaking the confidence of the community.
Shortly after the crash, suspicions arose regarding early OM investors being linked to wallets involved in selling off large quantities of the token. However, Mullin vehemently denied these claims and focused on rebuilding the trust and structure of the community.
In a surprising turn of events, Mullin announced his decision to burn the team’s supply of 300 million OM tokens, which accounted for 16.88% of the circulating supply. These tokens were originally valued at $1.9 billion before the crash but had plummeted to $234 million in the aftermath. The tokens were scheduled to be released gradually between April 2027 and October 2029, but Mullin’s gesture of burning them was seen as a step towards redemption in the eyes of the community and investors.
While some members welcomed this move and suggested a decentralized vote on the matter, others, including Crypto Banter founder Ran Neuner, expressed concerns about the long-term impact on the team’s motivation.
The crash not only eroded the value of OM but also raised questions about the overall worth of the RWA (Real World Asset) ecosystem. With $5 billion in market cap wiped out in a single day, investors were left wondering whether the ecosystem was truly worth that much or if it was inflated with vapor.
Technical analysis of the price charts post-crash indicated a challenging road ahead for Mantra. The rally from November was completely erased, and the potential for further decline below $0.364 was looming. The liquidation heatmaps showed liquidity clusters at $1, $0.72, and $0.82, suggesting potential support levels for the token’s recovery.
Despite the uncertainty surrounding Mantra’s future, some RWA investors saw the crash as an opportunity to potentially capitalize on the dip. However, caution and thorough research (DYOR) were advised before making any investment decisions.
In conclusion, Mantra’s journey post-crash is riddled with challenges and uncertainties. While the burning of team tokens may signal a commitment to rebuilding trust, the road to recovery will require significant effort and support from the community and investors. As the dust settles, only time will tell if Mantra can bounce back from the crash and regain its former glory. The Benefits of Regular Exercise
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