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MANTRA (OM): post-crisis analysis - where the rate collapsed and is there a chance for rehabilitation
On April 13, 2025, during a thin market on centralized exchanges, an avalanche of liquidations occurred: OM collapsed from ~$6.32 to ~$0.49, i.e., by -90% in just a few minutes.
Catalyst — "thin book" and excessive leverage among large holders; there was no one to pick up the inflow of sales.
April 22
Announcement of the burning of 300 million OM (≈ 16.5% of the issuance ), of which 150 million is the personal stake of CEO JP Mullin. The process was completed on April 29.
May–June
A series of blog posts by Mantra on governance reform and wallet transparency
July 7
spike in daily volume +65%, bullish MACD cross, but RSI remains in the 35 zone → the market debates, "dead cat" or bottom
What to expect next
Bullish arguments
Burning 300 million OM reduces supply and increases staking yield.
RWA-narrative: Mantra remains a notable player in the tokenization niche after the deal with DAMAC ($1 billion real estate)
Technically, the price is trying to form a "double bottom" at $0.20.
Bear risks
Trust is shaken: investors recall LUNA; liquidity is still thin.
Dense volume clusters between $0.25–0.30 — "basement" sellers may take profits at any bouncing wave.
Regulatory pressure on RWA platforms (compliance MENA, EU)
OM remains a token with a strong fundamental narrative (RWA), but with a damaged reputation and loose liquidity. The burning of 300 million OM and governance reforms provide a chance for long-term rehabilitation; however, in the short term, the token is a hostage to the psychology of "those who have been hit are afraid" and narrow order books. Speculative trades are possible, but only for disciplined traders with clear risk management.