- Upbit’s listing sparks a 15.7% price surge for MANTRA (OM).
- CEO burned 150 million OM tokens for recovery.
- Trading volume sees over 500% increase post-announcement.
The listing of MANTRA (OM) on Upbit could breathe new life into the project amid a volatile market, backed by a strong leadership decision.
Following a devastating crash in April leading to the loss of $5.5 billion in market cap, Upbit’s listing announcement has revitalized MANTRA (OM), pushing its price up 15.7%. This marks a pivotal step in rebuilding the project’s market presence. John Patrick Mullin, CEO of MANTRA, responded to the April crash by burning 150 million tokens, part of a plan to reduce the supply by 300 million, reflecting a commitment to token recovery.
“Our commitment to rebuilding trust is reflected in our decision to burn 300 million OM tokens.” – John Patrick Mullin, CEO of MANTRA
The immediate listing effects are visible as OM’s trading volume surged over 500%, indicating strong market enthusiasm. Speculative interest in the token increased, evidenced by proactive trading behavior on the exchange. The financial implications are substantial, with MANTRA showcasing resilience through increased institutional interest. Nansen becoming a validator on MANTRA Chain reinforces confidence in its ecosystem.
Future outcomes could realign based on Upbit’s strategic addition of OM trading pairs. The market may witness new resistance levels at historical highs if this momentum carries forward.
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