Mantra: The team has no selling behavior and will launch the OM token support program

ChainCatcher message, Mantra released a statement regarding the significant unexpected drop in the price of the OM token, which stated: the MANTRA team has not engaged in any selling activities. 100% of the funds from the MANTRA mainnet OM team and advisory team remain locked, while the ERC-20 tokens are in public circulation and not controlled by the team. Currently, there are 77.5 million OM tokens in circulation, with over 200,000 mainnet OM wallets.

The initial forced liquidation sell-off caused downward price pressure, which triggered automatic liquidation events for leveraged positions collateralized by OM on various exchanges. The subsequent liquidations and collateral seizures created additional downward sell-off pressure, with some significant OM traders being liquidated by centralized exchanges.

MANTRA will release detailed information on the OM Token support plan, which will include a buyback and supply destruction plan for OM tokens. MANTRA CEO John Patrick Mullin has publicly committed to destroying the tokens allocated to his team.