OM token saw a strong recovery after a major announcement from its founder, JP Mullin. He shared that he plans to burn his own allocation of team tokens, along with introducing a wider burn program aimed at reducing the total circulating supply.
Price Spikes on Big News
The token had been struggling in recent days but quickly reversed course, jumping from around $0.51 to nearly $0.87 following the announcement. The move comes after a steep decline of nearly 90% in recent weeks, rattling holders and drawing attention across the space.
Team Tokens Could Be Gone for Good
Initially, 300 million tokens were reserved for the founding team — roughly 17% of the total supply. These were locked and set to be gradually released over the next few years. Now, the founder has proposed burning all of them, pending community approval through a vote.
Mixed Reactions from the Community
Some welcomed the news as a step toward regaining trust and stabilizing value. Others were more cautious, warning that removing team incentives might have long-term downsides. Crypto personality Ran Neuner commented that while it looks good on paper, it might affect team morale down the line.
Clarifying the Crash
The project has recently faced accusations of holding too much of its own supply and manipulating markets — claims that the team denies. According to their latest statements, the dramatic drop in price came from uncontrolled liquidations, not internal actions.
Both Binance and OKX, which saw major OM trading volumes before the price collapse, have denied any role in the event. They attribute the volatility to broader market dynamics and cross-platform liquidation triggers.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
