As of today, MANTRA (OM) is trading at approximately $0.3898, reflecting a 2.6% decline over the past 24 hours. This follows a dramatic crash in April, where OM lost over 90% of its value in a single day, wiping out more than $6 billion in market capitalization.
In response, MANTRA CEO John Mullin announced the burning of 300 million OM tokens in an effort to reduce supply and restore investor confidence. Despite this measure, the token remains highly volatile, and trust in the project has been severely impacted.
To stabilize the ecosystem, the MANTRA team launched OMSTEAD, an EVM-compatible testnet, and introduced real-time transparency dashboards. They are also advocating for reforms in leverage practices across exchanges to reduce systemic risks.
Investor sentiment remains cautious. The OM token’s Market Value to Realized Value (MVRV) ratio has dipped into undervalued territory, suggesting a possible rebound—though regaining community trust will take time and consistent effort.