Odaily News Mantra released a statement on the unexpected and large drop in the price of OM tokens, stating that the MANTRA team did not sell any tokens. 100% of the funds of the MANTRA mainnet OM team and advisory team are still locked, and the ERC-20 tokens are in public circulation and are not controlled by the team. Currently, there are 77.5 million OM tokens in circulation and the number of mainnet OM wallets exceeds 200,000.
The initial forced liquidation sell-off created downward price pressure, and the resulting price drop triggered automatic liquidation events for leveraged positions collateralized by OM on various exchanges. Subsequent liquidations and collateral seizures created additional downward selling pressure, and some important OM traders were liquidated by centralized exchanges.
MANTRA will release details of its OM token support plan, which will include an OM token buyback and supply destruction program, and MANTRA CEO John Patrick Mullin has publicly committed to destroying his team’s allocated tokens.