Crypto News– Optimism’s native cryptocurrency, OP token, has emerged as the top loser among the top 50 cryptocurrencies, plummeting by as much as 10% in the week leading up to a significant $30 million token release event.
OP Token from Optimism Experiences a 10% Drop in the Lead-Up to a 30M Dollars Unlock Event
TokenUnlocks, a platform specializing in tokenomics data, reports that approximately 24.16 million OP tokens, representing about 3% of the total circulating supply, are slated for release on September 30. Based on current market prices, this unlock event will introduce slightly over $30 million worth of OP tokens into circulation, with $15.49 million allocated for core contributors and $14.26 million earmarked for investors.
Token unlocking events are a common feature in the strategies of many major cryptocurrency projects. Rather than simultaneously flooding the market with their entire token supply, these teams opt for gradual releases.
Nevertheless, from an investor’s perspective, unlocking events are often perceived as events that could exert downward pressure on prices, as a fresh batch of tokens becomes available for trading.
Currently, OP token prices remain relatively stable at $1.26 for the day, following a brief 3% surge in the past 5 hours, as reported by CoinGecko’s price data.
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