Unfortunately its not receiving positive feedback with the community.
A 10.8% drop in the market as of this writing is not good. The community has seen the technical vulnerabilities of this project so why would they trust it again?
The buyback is not the one that will resolve the trust; it's the plan to solve the technical vulnerabilities. What is their plan for the same scenario not to happen again? It's not within their control; it's the technical nature, so it's better not to be in a hurry to buy back again until they fix the issues and avoid a repeat of the dump scenario.
Honestly if I were the ones who old $OM and crashed, buyback with $109 million size is always a good thing to have for recovery plan, you don't recover the price by fixing technical, as founder himself said, the dump was caused by chain reaction of exchange liquidation, meaning there's no technical aspect needed to fix except in exchange and the concern of solvency. I'm sure exchange will also take some action to fix things.
Although i'm not so sure if that big buy back will really happen. I mean, the buyback can very well be done in a slow manner and therefore might not be as impactful as it was pictured.
From the first day they are really over valued comparing their market cap and teams statements
There are two main reasons that I see in these
1) Maybe it failed badly by its own pump and dump ha ha
2) Some whale sold all their tokens at once only
Most probability the Chances are of 2nd Reason
$5 billion token dropped and you know the founder is not giving clear things what had happened so price keep dumping no one care know if founder themself are not sure most people even selling it with even 95% loss I just hope it doesn't drop more
to be honest I am also holding a couple of token as well that I had recieved from the airdrop but I am still holding these
For me these dump is nothing as I sold my major portion already on good price
People are selling fast, even with a 90% loss in just half an hour. They didn’t even get a chance to save their money. I think it’s going to drop even more, maybe back to its 2021 price.