Optimism OP token slips 10% in week ahead of $30M token unlock
Optimism slid as much as 10% in the week leading up to a scheduled token unlock that will see 24 million OP tokens released onto the market.
The price of Optimism’s native OP token is leading losses among the top 50 cryptocurrencies, falling as far as 10% on the week ahead of a $30 million token unlock.
According to data from tokenomics platform Token Unlocks, 24.16 million OP tokens, which account for roughly 3% of the circulating supply — are scheduled to be unlocked on Sept. 30.
At current prices, the unlock will see a little more than $30 million worth of OP tokens hit the market, with $15.49 million going to core contributors and $14.26 million set aside for investors.
Token unlocking events form a core part of many main cryptocurrency projects, with many teams choosing to gradually release tokens to the market instead of unleashing them all at once. Typically however, unlocking events are viewed by investors as likely to put pressure on prices, as a new supply of tokens becomes available for sale.
The price of the OP token is currently trading flat on the day at $1.26, after experiencing a brief 3% rally in the past 5 hours, according to price data from CoinGecko.
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