#BinanceAlphaAlert Will OM Coin recover again or not?
The news circulating about $OM Coin
A radical step from the CEO of OM Coin: burn all its tokens and start from scratch!
OM Coin, which shook investors with its recent collapse, is back on stage. The CEO of Mantra, John Patrick Malin, has proposed an innovative idea to restore investor confidence: he plans to burn his OM tokens. So, can this bold decision restore trust in the project?
A new chapter in OM Coin: the CEO plans to burn his tokens
Malin, who took action to restore investor confidence after the collapse of OM Coin, hit the agenda like a bomb on platform X. "I plan to burn all of my team's tokens. If we can get the project back on its feet, the community will decide whether to restore those tokens," said Malin, who wants to take a radical step.
300 million OM tokens, equivalent to 16.88% of the total supply, are reserved for team members and these tokens are linked to a vesting schedule until 2027. However, the CEO clarified that he will primarily burn his share. Malin, who owns 772,000 Omani Rials, aims to increase trust in the project.
The world of cryptocurrency is divided into two parts: "There may be a loss of incentive"
However, this move has sparked controversy in the cryptocurrency world. Crypto Banter founder Ran Neiner argued that this decision could dampen the team's morale in the long run. According to Neiner, the best step is to focus on developing the project and naturally restoring investor trust.
Malin responded to this criticism by saying that instead of burning the tokens directly, they could be transferred to a community-managed pool. Regardless of the method used, Malin's message is clear: "We continue to build."
OM Coin increases by 30%: Returns of confidence?
Despite the crisis, the price of OM Coin increased by 30% in the last 24 hours to $0.78. This increase may indicate that investors are starting to show interest in the project. However, the sustainability of this recovery will be directly linked to the project's transparency and its future steps.
The CEO of Mantra announced that he will publish a comprehensive report on the details of the recent collapse and will simultaneously announce a token buyback and registration program. Malin, who specifically defended against claims of "pump and dump," confirmed that no team member sold tokens and that all transactions were reported transparently.
Summary: Can OM Coin grow again?
It seems that the turbulent period for OM Coin has passed. However, the level of investor confidence in the project this time will depend on the specificity of the steps to be taken. If the promises of token burn, recovery, and transparency are fulfilled, OM Coin may remain on investors' radar. Otherwise, the recovery may not exceed the limits of a short-term reaction.