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According to Gate.io market data, [OM](/trade/OM_USDT) The current price is $0.758, with a 24-hour increase of 23.14%. Since early on April 14th, the OM token has plummeted by over 90% from above $6, hitting a low point near $0.37; then in the evening of April 15th, it rebounded briefly to around $0.999 but faced resistance, falling back below $0.8. The price fluctuations of the OM token in recent days have attracted the attention of the entire market.

## Mantra project's latest response

On the evening of April 15, Mantra co-founder JP Mullin announced that a post-event analysis report will be released in the next 24 hours, detailing the events that have occurred since early Monday morning (Asia Pacific time) and verifying the on-chain and off-chain data. After the release of this report, more information will be shared regarding the OM token buyback plan and OM supply destruction plan to rebuild market trust and demonstrate long-term commitment to the OM token and the Mantra project.

Mantra CEO JP Mullin proposed to destroy the OM tokens he holds to boost investor confidence after a price plunge. Mullin stated that the tokens he holds are part of the team's reserved 300 million OM tokens, with the unlocking period ending in April 2027. Despite Mullin's commitment and disclosure of current holdings, the specific amount was not revealed. He mentioned that the token holdings will be disclosed when the destruction plan is ready. According to Tokenomist data, Mullin currently holds approximately 772,000 OM tokens, less than 1% of the circulating supply of over 80 million OM tokens on April 15th.

## OM Crash Review

Mantra is a Layer1 blockchain project focused on tokenizing real-world assets (RWA). Its project token OM achieved a more than 200-fold increase from the end of 2023 to the beginning of 2025 due to the RWA concept frenzy. However, on April 14, 2025, OM plummeted over 90% in just a few hours, with its market value evaporating over $5 billion, making it one of the most representative crypto disasters following LUNA and FTX. This collapse was mainly due to extreme token centralization (top 100 addresses holding over 99%), multiple airdrop delays, sudden inflation mechanisms, suspicions of market manipulation, and weekend liquidity exhaustion.

According to Lookonchain monitoring, before the OM crash (since April 7th), at least 17 wallets deposited 43.6 million OM tokens into CEX (valued at $227 million at the time), accounting for 4.5% of the circulating supply. According to Arkham's tags, 2 addresses are associated with Laser Digital, which is a strategic investor of Mantra. Although the project denies cashing out, attributing the price plunge to 'external liquidation,' on-chain data and community observations point to suspicion of a Rug Pull. Compared to Squid Coin in 2021 and LUNA token in 2022, Mantra has a more 'legitimate' facade, making its crash more confusing and impactful.

## Mantra Future Outlook

The OM token has recently experienced a sharp decline and rebound, with extremely volatile trends. During this OM crash event, the Mantra team quickly responded to market concerns, promising to release an event analysis report, and announcing a token buyback and burn plan. CEO Mullin even proposed to voluntarily destroy personal holdings to rebuild confidence. This indicates that the team is still committed to the long-term development of the project. If transparency and governance mechanisms can be strengthened, OM is expected to gradually regain investor trust.

However, the risks of the OM token cannot be ignored. The collapse of OM has exposed issues such as the high centralization of the token, airdrop defaults, doubts about on-chain data, and questioning of price manipulation and liquidity risks leading to Rug Pull. If the project fails to completely address the structural risks, OM may struggle to shake off the market shadow, and the risk of re-enacting the LUNA-style tragedy remains.

<div class="blog-details-info">
<div>Author: **Icing**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions. Investment involves risks and users need to make careful decisions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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How Is OM Performing Recently? Mantra Project Issues Latest Response