"95% Drop MANTRA (OM) to Burn Up to $170 Million Worth of Tokens"

Son Min

Summary

MANTRA (OM) announced plans to burn tokens worth up to $170 million following a 95% drop.
The burn process has begun with the unstaking of 150 million OM, expected to expire on September 29.
The burn news led to a temporary price increase for MANTRA, showing a slightly positive reaction.

Previously, MANTRA (OM), a Real World Asset (RWA) project that dropped 95% on Binance, announced plans to burn up to 300 million MANTRA tokens.

On the 21st (local time), MANTRA stated through its official Medium that "150 million OM (approximately $87.7 million at current prices) allocated to the team will be burned," and "discussions are underway with major ecosystem partners to burn an additional 150 million OM." As a result, up to 300 million OM are expected to be burned. At current prices, this amounts to $175.4 million.

It continued, "The process of unstaking 150 million OM has begun and is expected to expire on the 29th (local time)," adding that "these tokens will be permanently removed."

Following the news, MANTRA, which was trading at $0.5, temporarily rose slightly to reach $0.6081. As of 9:51 PM, MANTRA is trading at $0.5829 on the Binance USDT market, up 1.06% from 24 hours ago.