$OM Mantra (OM) on the Edge❗: Whale Dump, Token Burn, and a $10M Loss—What’s Next❓
After a jaw-dropping 90% plunge on April 13—from $6.30 to $0.55—OM is scrambling to recover. CEO John Patrick Mullin plans a 300M OM token burn by April 29, cutting supply from 1.82B to 1.67B. Meanwhile, whale wallet 0x5AC just offloaded 1.724M OM ($1M) on Binance, taking a brutal $10.1M loss after buying at $6.45. They still hold 1.173M OM—will more selling follow?
The burn is designed to raise staking APR, with the bonded ratio now at 25.30%. While some, like CryptoNinjas, call it a “stalling tactic,” others like analyst Moon Jeff see potential for a bounce back to $1. OM trades at $0.52, with volume up 88%.
Will this bold move revive OM—or is another crash around the corner?
