Optimism’s native OP token price is leading losses among the top 50 cryptocurrencies, falling as much as 10% in the week leading up to a $30 million token unlock.
according to Data From the Tokenomics platform TokenUnlocks, 24.16 million OP tokens – representing approximately 3% of the circulating supply – are scheduled to be unlocked on September 30.
At current prices, it will see just over $30 million worth of OP tokens open on the market, with $15.49 million allocated to core shareholders and $14.26 million to investors.
Token unlock events are a core part of many major cryptocurrency projects, with many teams choosing to gradually release tokens to the market rather than all at once. However, unlock events are typically viewed by investors as potentially putting pressure on prices, as a new supply of tokens becomes available for sale.
The price of the OP token is currently trading flat at $1.26, after seeing a brief 3% rise in the past five hours, according to Price. Data From Queen Gekko.
Related: Optimism coefficients exceed Arbitrum, but what is behind the increase in the number of users?
Last week on September 21, Optimism revealed that it would sell $160 million worth of OP token to private sellers as part of a planned sale.
Starting today, there will be several transactions totaling around 116 million OP tokens. We are sharing as an alert to our community that these transactions are planned.
– Optimism (_) (@optimismFND) September 20, 2023
On September 19, optimism Announce The third airdrop, where 19.4 million OP tokens were allocated to over 31,000 addresses participated in delegation activities related to the network’s decentralized autonomous organization (DAO), Optimism Collective.
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