OM Coin Shared the Expected Report: Massive Amount of Burn Will Be Done! - Coin Bulletin

Mantra announced a plan to burn tokens following a 90% get dumped in the value of the OM token last week.

Mantra plans to burn 16.5% of the total supply of OM tokens, which is 300 million tokens. This burn operation aims to increase staking rewards and includes 150 million tokens owned by its founder John Patrick Mullin. The Burn operation aims to boost investor confidence after the value of the OM token has dropped by 90%.

Mantra's OM token experienced a price get dumped of 90% last week. It is claimed that this get dumped occurred due to careless liquidations on centralized exchanges. The platform announced that a portion of the staked tokens will be burned by April 29. This action aims to increase the staking rewards of the OM token and regain the trust of the users.

OM Token's Price Get Dumped

The OM token experienced a significant loss in value following a 90% crash on April 13. Mantra stated that this drop occurred due to "careless liquidations" on centralized exchanges. The burning process aims to increase the token's value. However, despite the statement, the OM token has lost an additional 3.3% in value in the last 24 hours.

Investors' reactions are reflected in the recent price movements of the OM token. Despite the burn announcement, the drop in the token's price reveals how much investor confidence has been undermined.