The crypto market reeled as Mantra’s OM token plunged more than 90% within hours, wiping out over $6 billion from its market cap and leaving investors scrambling for answers. Long seen as a trusted project with a solid foundation, the sudden collapse sparked widespread concern—and accusations.
Yet amid the chaos, Mantra’s CEO John Mullin has stepped forward with a drastic move aimed at restoring confidence. In a public statement, Mullin pledged to burn his own OM allocation —tokens that were locked and scheduled for release years down the line.
The OM Token Collapse, Allegations and Investor Opportunities
Mantra’s OM token crash on April 13 shook investor confidence in a project long perceived as stable, wiping out over 90% of its value in just a few hours. The fallout was immediate too—with over $70 million in liquidations recorded. The market cap did a freefall from $6 billion to under $700 million. As accusations of a rug pull circulated, comparisons to past disasters like LUNA and FTX gained traction.
Sherpas, OMies, and broader crypto community,
First off, the team and I greatly appreciate the support that we have received over the past several hours, which we believe is a testament to the strong support MANTRA has among its investors and community.
We have determined that…
— JP Mullin (
,
) (@jp_mullin888) April 13, 2025
Popular exchange OKX’s subsequent analysis of the project pointed to deeper systemic issues, noting that OM’s tokenomics had shifted since October 2024 and that irregular patterns of exchange activity had been flagged weeks prior. While Mantra’s CEO, John Mullin, dismissed any rug pull claims and in turn blamed centralized exchanges for executing forced liquidations during low-liquidity hours, market trust had already taken a hit.
However, in a rare and deliberate move to win back the community’s trust, Mullin announced plans to burn the entire allocation of OM tokens allocated to him—tokens that were scheduled for release between 2027 and 2029. This may represent a good chunk of nearly 17% of the total team supply. It’s not just a symbolic gesture. If executed, the burn would significantly tighten the token’s long-term supply curve and potentially strengthen OM’s price dynamics.
To be 100% clear, I am stating that I am burning MY team tokens, and we will create a comprehensive burn program for other parts of the OM supply. https://t.co/Yy6GzRBbM8
— JP Mullin (
,
) (@jp_mullin888) April 16, 2025
While some agencies reported that Mullin planned to burn all the team tokens, he quickly clarified that the only tokens set to be burned were those that were allocated to him as a stakeholder.
More importantly, it signals a shift in how projects respond to crises—by sacrificing internal gains to restore public faith. For investors, this could signal both a short-term rebound opportunity and a potential long-term repositioning of OM as a rehabilitated asset.
For the crypto sector as a whole, it raises the bar for accountability, showing that decisive and transparent action—especially when reputations are on the line—might be the only way forward when trust is broken.
Best Crypto to Buy Now as OM Investors Look to Park Funds
With over $6 billion wiped from OM’s market cap, a significant portion of capital—particularly from larger holders—is now in limbo. Some investors may simply exit the market, but others, especially those with deep pockets, are likely scouting for newer, smaller-cap tokens that show resilience, vision, and potential upside.
While the liquidity displacement may not cause major ripples across the entire market, certain projects could benefit from being timely, ambitious, and positioned to absorb fragments of that redirected capital. These projects, given their recent popularity and trending status, may be some of the preferred investors’ favorites.
SUBBD
In the aftermath of OM’s breakdown, a growing theme in crypto is transparency, and SUBBD’s pitch aligns squarely with that mood. Instead of simply being another project offering access to decentralized media, SUBBD launches as an infrastructure overhaul for how creators and fans interact, bypassing gatekeepers like OnlyFans and Patreon that have long been criticized for harsh revenue splits.
It boasts a system where creators can tokenize access, communication, and exclusivity without surrendering their earnings to a platform that takes 50–70% of the revenue. Fans can subscribe, tip, and message their favorite creators directly—on-chain—without the friction or censorship often seen on legacy platforms. The $SUBBD token fuels this exchange, serving both as the currency and the governance unit within the ecosystem.
This model resonates particularly well in moments when trust in centralized systems is low. The recent growth in creator economy has shed light on the conversations around creator autonomy and investor security—two issues that SUBBD tackles head-on. With over $1.5 million raised, the SUBBD token presale could definitely be on the watchlist of several OM investors, and even those simply looking to invest into high-potential projects right now.
BTC Bull
When shaken investors look for stability, they often turn to narratives they can understand. BTC Bull leverages that instinct with surgical precision. The project may wear the mask of a memecoin, but what it’s building underneath is a community-driven initiative centered around long-term Bitcoin growth.
Think of it as a cultural accelerator that rewards holding, staking, and promoting the asset Bitcoin already is, while using the viral nature of meme coins to bring in new energy.
BTC Bull does not exactly offer pie-in-the-sky promises like a majority of meme coins do. Its strength lies in aligning meme-powered momentum with BTC-focused rewards and game theory. Stakers of the token can earn additional yields for participation in bullish behavior, and its gamified structure aims to convert casual holders into engaged participants, just as projects like OM once did in their prime.
Essentially, every time BTC reaches a certain price milestone, investors will be able to enjoy rewards in the form of airdrops. Token burns will also be initiated to ensure that the supply-demand dynamic of the token remains strong and in continuous uptrend.
In the context of recent events, where investor sentiment is damaged and reputations are being questioned, BTC Bull presents a low-barrier, high-visibility project that wears its goals on its sleeve. It doesn’t aim to rebuild trust through complex utility—it earns it by leaning into a movement many already support: the mainstream rise of Bitcoin. As OM holders look to reenter with smaller bets that still carry macro alignment, BTC Bull could be a surprisingly rational next step.
Solaxy
While Mantra’s collapse raises questions about tokenomics and internal structure, Solaxy offers a sharp contrast. It’s not a hype-driven presale—it’s a Layer 2 solution with real traction. Built to bridge Ethereum and Solana ecosystems, Solaxy addresses congestion, cost, and scalability issues with a fluid system that facilitates high-speed, low-fee transactions across chains. But its real trick is making this interoperability accessible without sacrificing decentralization.
Solaxy’s appeal goes beyond its tech. At a time when investors are re-evaluating the sustainability of token projects, Solaxy has shown signs of being more than just a quick cash grab. Its presale has already drawn significant attention, and its dual-chain utility positions it well for upcoming market phases, especially if ETH and SOL continue gaining strength.
,
) (@jp_mullin888) 

















