- OP is down almost a double-digit percentage in the past 24 hours.
- Optimism is set to unlock 155 million OP tokens, or 3.6%, of the total supply.
- OP will probably go down further due to potential insider selling.
Ethereum Layer-2 scaling projects are all the rage right now. However, their native tokens aren’t necessarily the best investment options.
For example, that’s evident in Optimism’s OP, which has been dumping non-stop in the past few days due to a colossal token unlock in a few hours.
Optimism Sinks Ahead of Huge Token Unlock
Optimism’s native token OP has been experiencing continuous dumping in the past several days.
OP is currently trading at around $1.37, down 7.7% in the past 24 hours, according to data from CoinGecko. The token is down around 13% in the past week.
OP has been trending downward because of one thing – a vast token unlock. On May 31 at around 12 AM GMT, 155 million OP tokens, or about 3.6% of the total supply, will be unlocked.
That’s an almost 100% increase because the current circulating supply for OP is 335,376,391. The tokens will be distributed to Optimism Labs seed investors and core contributors, according to data from TokenUnlocks.
This also means that OP will likely go down even further as some investors and employees will want to sell their stakes.
On the Flipside
- OP is still up by almost 60% since the start of the year.
Why This Matters
Knowing when token unlocks happen is crucial when making investment decisions.
Read more about the wallet that moved 8,000 ETH after 7.7 years:
ETH Wallet Dormant Since 2015 Moves 8,000 ETH in Minutes
Read more about the huge OP unlock:
Optimism to Unlock Millions of OP Tokens: What It Means for You
Sourced from dailycoin.com.
Written by on 2023-05-31 16:00:00.
