Ahead of the launch of 24 million Optimism (OP), the token’s downward movements created panic.
According to data from Token Unlocks, 24.16 million OP tokens are scheduled to be unlocked on September 30, accounting for approximately 3 percent of the circulating supply. At current prices, it is anticipated that just over $30 million worth of OP will be released in the unlock process, with $15.49 million allocated to core participants and $14.26 million to investors. The unlock, which is among the main elements of the crypto industry, continues to push the price of OP down.
The unlocking triggered sell-side transactions!
Token unlocking events form a core part of many major cryptocurrency projects; Many teams choose to release tokens gradually. However, overall, unlock events are viewed by investors as likely to put pressure on prices as a new supply of tokens becomes available for sale.
According to price data from CoinGecko, the price of OP is currently trading sideways at $1.26 after experiencing a brief rise of 3 percent in the last 5 hours. Last week on September 21, Optimism announced that it would sell $160 million worth of OP to private sellers as part of the planned sale.
On September 19, Optimism announced its third airdrop, in which 19.4 million OPs were allocated to more than 31,000 addresses involved in delegation activities related to the Optimism Collective, the network’s decentralized autonomous organization (DAO).
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