After suffering a devastating 90% plunge a few days ago, Mantra (OM) is staging a partial rebound.

CEO John Patrick Mullin has pledged to burn his entire team’s token allocation, worth hundreds of millions of dollars, as a bold move to win back community trust following a massive liquidation event that rattled the ecosystem.

A Crash and a Comeback

On April 13, OM nosedived nearly 90% in under 24 hours, triggering panic and a wave of forced liquidations across crypto exchanges. Community speculation quickly turned toward the Mantra team, with accusations of insider dumping and manipulation.

However, Mullin responded swiftly and publicly, denying the allegations and clarifying that the team’s 300 million OM tokens remain locked until at least April 2027. In a move that’s both symbolic and strategic, he announced plans to permanently burn his entire allocation of 772,000 OM tokens, representing 0.25% of the team’s share.

“When we turn it around, the community and investors can decide if I’ve earned it back,” Mullin stated in a widely shared X post.

He also promised more transparency, a detailed post-mortem report, and a long-term token buyback program to restore confidence in the project’s fundamentals.

Whether these steps ignite a full recovery remains to be seen. But for now, the market has responded with a tentative vote of confidence.

Market Reaction: 31% Rebound Amid High Volatility

Following Mullin’s announcement, OM surged over 31% in the past 24 hours, currently trading around $0.7796, up from its post-crash low of under $0.5 on most exchanges.

The token also saw an intraday high of $0.91, suggesting strong buying interest despite lingering market uncertainty.