A whale’s recent deposit of over 1.7 million OM to Binance has sparked sell-off fears just as Mantra CEO John Mullin initiates a 150 million token burn.
John Patrick Mullin, CEO and founder of Mantra, recently announced a 300 million OM token OM $0.53 24h volatility: 1.1% Market cap: $509.39 M Vol. 24h: $290.95 M removal from the total supply. However, a whale wallet identified as 0x5AC has become the center of speculation amid this major move.
Accod a recent X post by The Data Nerd, this wallet had amassed 2.9 million OM last month at an average price of $6.45, investing roughly $18.7 million in total. However, just two days ago, it transferred 1.724 million OM (valued at $1 million) to Binance, raising concerns about a possible sell-off.
Last month, this whale 0x5AC accumulated 2.9M $OM for $18.7M (avg entry ~$6.45)
2 days ago, he deposited 1.724M $OM (~$1M) into #Binance
If sold all, he will have realized loss ~$10.11M (ROI -91%)
Just now, he still owns 1.173M $OM (~$595k) with unrealized loss ~$6.97M… pic.twitter.com/rNhoA07tjr
— The Data Nerd (@OnchainDataNerd) April 22, 2025
If the whale exists entirely at current prices, it would be realizing a staggering $10.1 million loss. The wallet still retains 1.173 million OM, worth around $595,000.
Mullin’s Recovery Move
This whale activity coincides with Mullin announcing a bold recovery move: a 150 million OM token burn, currently being unstaked and scheduled to be executed by April 29. The tokens will be permanently removed from circulation, aiming to reduce the total supply.
Additionally, discussions are underway to burn another 150 million OM, potentially halving the team and ecosystem allocations.
If executed, this permanent token removal will cut OM’s total supply from 1.82 billion to 1.67 billion. The reduction in circulating and staked tokens, by over 26%, is also expected to enhance staking returns, with APR rising as the bonded ratio drops from 31.47% to 25.30%.
Notably, OM saw a massive 90% crash on April 13, resulting in a price drop from $6.30 to below $0.55 in a few hours.
Mixed Reactions from Community
OM is trading around $0.52, up by 0.5% in the last 24 hours. The token burn announcement has resulted in an 88% surge in trading volume, suggesting heightened investor activity.
Popular crypto analyst Moon Jeff views the current dip as a buying opportunity, predicting a near-term target of $1 and even greater values for OM in the future.
You will never go wrong buying the $OM dip.
Recovery will be epic.
Target at $1.
And maybe bigger values. 👌 pic.twitter.com/XGphHnGC5o— MOON JEFF 🪐 (@CRYPTOAD00) April 21, 2025
On the other hand, critics note that around 4 million OM tokens continue unlocking every few weeks, with 45% of the total supply still locked.
The founder team has finally announced a plan to burn $OM, but the big question is: Will the price recover?
You can clearly see that the $OM team’s token burn plan is overly complicated — almost like they’re just stalling for time.
They announced a burn of 300 million $OM… https://t.co/c8qGnYRKtW pic.twitter.com/dkcJ8Il1Tt
— CryptoNinjas (@crypto_ninjas) April 22, 2025
CryptoNinjas believes that this undermines the burn’s impact, arguing that the team acted too late and that charts suggest a slow bleed, rather than recovery.
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