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

The value 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.

Based on data 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 slightly greater than $30 million price of OP tokens hit the market, with $15.49 million going to core contributors and $14.26 million put aside for traders.

Token unlocking occasions type a core a part of many principal cryptocurrency initiatives, with many groups selecting to progressively launch tokens to the market as an alternative of unleashing them suddenly. Usually nevertheless, unlocking occasions are considered by traders as more likely to put strain on costs, as a brand new provide of tokens turns into out there on the market.

The value of OP token has rebounded barely previously 5 hours. Supply: CoinGecko

The value of the OP token is at the moment buying and selling flat on the day at $1.26, after experiencing a short 3% rally previously 5 hours, based on worth data from CoinGecko.

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

Final week on Sept. 21, Optimism revealed that it will be promoting $160 million price of the OP token to non-public sellers as a part of a deliberate sale.

On Sept. 19, Optimism announced 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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