Odaily informs us that Mantra has moved to address the recent steep drop in the price of its OM token. In the announcement, Mantra explained that the team hasn't sold any tokens. The mainnet team and advisors' $OM tokens are still fully locked, and the ERC-20 tokens in circulation aren't controlled by the team. Currently, there are 77.5 million circulating $OM tokens and over 200,000 mainnet $OM wallets.
The price decline started with compelled liquidations, which drove the price down and initiated additional automatic liquidations of leveraged positions as collateral in OM. This created additional selling pressure, which resulted in the seizure of collateral and additional liquidations, including positions of significant OM traders on centralized exchanges.
In a move to stabilize the situation, Mantra is in the process of developing a support plan for the OM token that will include a token buyback and supply reduction plan. CEO John Patrick Mullin has also committed to burning the tokens set aside for the team.
