Optimism OP token slips 10% in week forward of $30M token unlock

Home » Optimism OP token slips 10% in week forward of $30M token unlock
Optimism OP token slips 10% in week forward of $30M token unlock

The worth of Optimism’s native OP token is main losses among the many prime 50 cryptocurrencies, falling so far as 10% on the week forward of a $30 million token unlock.

In line with knowledge from tokenomics platform Token Unlocks, 24.16 million OP tokens, which account for roughly 3% of the circulating provide — are scheduled to be unlocked on Sept. 30.

The following OP token unlock is scheduled for Sept. 30. Supply: Token Unlocks

At present costs, the unlock will see a bit of greater than $30 million value of OP tokens hit the market, with $15.49 million going to core contributors and $14.26 million put aside for buyers.

Token unlocking occasions type a core a part of many essential cryptocurrency tasks, with many groups selecting to regularly launch tokens to the market as an alternative of unleashing them abruptly. Sometimes nevertheless, unlocking occasions are considered by buyers as prone to put stress on costs, as a brand new provide of tokens turns into accessible on the market.

The worth of OP token has rebounded barely prior to now 5 hours. Supply: CoinGecko

The worth of the OP token is at the moment buying and selling flat on the day at $1.26, after experiencing a short 3% rally prior to now 5 hours, in response to value knowledge from CoinGecko.

Associated: Optimism transactions surpass Arbitrum, however what’s behind the uptick in customers?

Final week on Sept. 21, Optimism revealed that it could be promoting $160 million value of the OP token to personal sellers as a part of a deliberate sale.

On Sept. 19, Optimism introduced its third airdrop, the place 19.4 million OP tokens have been allotted to greater than 31,000 addresses that took half in delegation actions referring to the community’s decentralized autonomous group (DAO), Optimism Collective.

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