TLDR
- MANTRA token (OM) crashed by over 90% on April 13, 2025, dropping from $6.30 to around $0.52
- The token has rebounded roughly 30% to around $0.77-$0.82 as of April 16
- CEO John Patrick Mullin promised a full report explaining the crash and announced plans for a token buyback
- Mullin pledged to burn his personal token allocation of 772,000 OM tokens to rebuild trust
- Market speculation about the crash centered on liquidations, with Mullin denying team involvement or price manipulation
The MANTRA token (OM) has begun to recover after experiencing a catastrophic 90% price collapse over the weekend of April 13, 2025. The token, which had been trading above $6.30 on Sunday, plummeted to approximately $0.52 within hours, shocking investors and triggering widespread concern across the cryptocurrency market.
As of Tuesday, April 16, the token has shown signs of recovery, trading between $0.77 and $0.82 according to data from CoinGecko. This represents a rebound of approximately 30% from its lowest point, though the token remains far below its pre-crash valuation.
MANTRA’s co-founder and CEO John Patrick Mullin has responded to the crisis with a series of public statements aimed at restoring confidence in the project. Mullin attributed the crash to “large-scale forced liquidations” rather than any technical failure or internal issues with the project.
Recovery Efforts Underway
In an effort to rebuild trust, Mullin announced plans to release a comprehensive report detailing the events that led to the price collapse. “We are preparing a full breakdown of what happened starting early Monday morning in Asia. The data will tell the full story—on-chain and off-chain,” Mullin stated in a social media post.
The CEO has also promised a token buyback program and a reduction in the overall supply to help stabilize the project. Most surprisingly, Mullin pledged to burn his personal allocation of 772,000 OM tokens, which represents 0.25% of the team’s share.
“When we turn it around, the community and investors can decide if I’ve earned it back,” Mullin wrote, framing the token burn as both a symbolic gesture and a practical step toward rebuilding market confidence.
The team’s token holdings have become a focus of community attention following the crash. Mullin clarified that the team’s 300 million OM tokens remain locked until at least April 2027, countering speculation that insider selling may have contributed to the price collapse.
Market Speculation and Investor Response
The rapid fall in MANTRA’s price sparked intense speculation across crypto trading communities. Some critics have suggested that the project’s token distribution made the market more vulnerable to price swings, with too much of the float allegedly held by the team.
Mullin directly addressed these concerns, stating: “We do not manipulate the price, and we’ve been transparent about how the token is structured.”
Haha fudders aren’t even trying to do research these days… they literally found the mirror bucket wallet that holds mainnet coins (that are 1 for 1 with the ERC supply) that get fed into the bridge and release when ERC tokens are burnt, and are claiming we’re manipulating… https://t.co/0ns7bALXz5
— JP Mullin (🕉, 🏘️) (@jp_mullin888) March 21, 2025
Nomura’s Laser Digital, which has been an investor in MANTRA since 2024, also released a statement denying any role in the price drop. “There have been no large withdrawals or coordinated sales from our side,” the company said, adding that its position in the project remains unchanged.
The partial recovery in price suggests that some investors view the current situation as a potential buying opportunity, though trading volumes remain highly volatile.
Broader Market Reactions
The MANTRA token collapse has prompted warnings from some voices in the decentralized finance community. Jean Rausis, co-founder of SMARDEX, characterized the event as a cautionary tale about newer blockchain projects.
“This is a reminder that projects launched with aggressive marketing and no history are often the most fragile when pressure hits,” Rausis commented.
The SMARDEX co-founder drew comparisons to more established protocols like Ethereum, noting: “Ethereum isn’t moving fast in price, but it’s still the backbone of real development in this space. It’s not just about speed or hype—it’s about lasting value.”
As investors watch for the promised detailed report from the MANTRA team, the market remains cautious. The coming days will likely be crucial in determining whether the project can fully restore confidence and continue its recovery.
The price action on Tuesday, which saw an intraday high of $0.91 before settling lower, indicates continued market uncertainty despite the rebound. Trading patterns suggest active buying interest mixed with lingering concerns about the project’s stability.
Mullin’s token burn announcement and the promise of a detailed post-mortem report appear to have provided some reassurance to the market, though the long-term impact of these measures remains to be seen.
For now, the cryptocurrency community awaits further information and concrete steps from the MANTRA team as they work to rebuild trust and stabilize their token in the wake of one of the most dramatic price collapses in recent crypto history.
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