MANTRA, a decentralized cryptocurrency platform that’s been making waves recently in the crypto community. Yet this excitement comes after the token’s price collapse earlier this month and a focused token burn implemented by its founder, John Patrick Mullin. As a result, on April 13, the platform’s native token, $OM, crashed by 90%. This sudden cut set off concerted efforts to shore up — and someday re-inject new energy into — the project. Mullin's decision to burn 150 million of his personal $OM tokens has led to a reduction in the total token supply from 1.82 billion to 1.67 billion, a move designed to decrease circulating supply and potentially increase the token's value. Continue Reading MANTRA is in the thick of this challenging time. Among the most critical elements powering its recovery and future growth is current Presale, Smart Contract Security Audits, and highly anticipated plans for a massive $BTC airdrop.
Token Burn and Supply Reduction
John Patrick Mullin's decision to burn a substantial portion of his own token allocation reflects a commitment to the project's long-term health. By sending 150 million $OM tokens to this address, we have reduced our circulating supply by removing it from the total supply. Though this reduction might increase the worth of the token’s price. This move is a vote of extreme faith in the future of MANTRA. It seeks to restore investor confidence in the wake of May’s price crash.
The reduced token supply that the new formula enacts is a direct response to the market’s behavior in reaction to the discovery of the original price drop. The burn is intended to produce scarcity, which would increase demand and thereby value for the tokens that remain. It’s too soon to tell if this will be a successful strategy over the long term. More than anything, it beautifully illustrates the fact that the MANTRA team is really diving in and addressing the challenges that this complicated project presents.
Presale and Airdrop Initiatives
Even with the turbulence of the last few days, MANTRA’s presale has people clamoring to get in. Having already raised $4.8 million in the presale, the project is attracting early investment from those who understand the underlying potential of the project. With the presale entering its final phases, now is a once-in-a-lifetime opportunity to be part of this presale and secure your $OM tokens.
A further reward for presale joiners is the ability to earn exclusive $BTC airdrops by utilizing Best Wallet. Our roadmap includes a SUPER EXCITING $BTC airdrop as a key component! This will occur when Bitcoin reaches $150,000, providing $OM token holders with a powerful long-term incentive. These call-to-action initiatives are aimed at bringing in new prospective investors while rewarding the current well-wishers.
Price Analysis and Future Outlook
Recently trading at approximately $0.508, MANTRA is making efforts to recoup the large dip in price. The price has dropped below the former support area of $0.5529, which serves as an important resistance level now. Simply price action around the $0.50 psychological level will be key to what happens next for MANTRA.
The $0.50 level is just a major turning point for MANTRA. If the price manages to close above the $0.5529 hurdle, it might indicate the beginning of a larger recovery. If we don’t succeed in fighting against this resistance, we risk greater price drops. Both investors and traders are interested in MANTRA’s price action. They want to understand what this could mean in terms of recovery over the next days and weeks ahead.
Security and Audits
Since launching their platform MANTRA has put a strong emphasis on security and reliability. To do this, it has already passed rigorous audits by well-known crypto auditing companies such as SolidProof and Coinsult. These audits have an active role in finding vulnerabilities before they are addressed in the platform’s code and infrastructure. In turn, users have more confidence that their investments are secure. Finalization of these audits is a testament to MANTRA DAO’s dedication to providing a safe and transparent platform to its users.
These audits are a key part of the process in establishing trust with a growing community of cryptocurrency advocates. As MANTRA, we are dedicated to maintaining best practices in security and risk management. It makes its platform available for independent experts to scrutinize and test. Attracting new users, attracting new investors—that’s key. For many, they might still be fearful from jumping in because the dangers associated with newer cryptocurrency ventures are often associated.
