Odaily Planet Daily News Mantra released a statement on the unexpected and significant 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 more than 200,000 mainnet OM wallets.
The initial forced liquidation sell-off created downward price pressure, and the resulting price drop triggered automatic liquidation events for leveraged positions with OM as collateral 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 the launch of 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 by his team.