Optimism Token Has Slipped By 10% In Week Ahead Of Token Unlock

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The price of the native OP token of Optimism has been taking some losses among the top 50 cryptocurrencies- as it has currently fallen as far as 10% on the week before the token unlock of $30 million. According to data that was put out by TokenUnlocks, a tokenomics platform, around 24.16 million OP tokens, which account for around 3% of the entire circulating supply, have been scheduled to be unlocked on the 30th of September.

At the current prices, the unlock will probably be seeing a little more than $30 million worth of OP tokens which would hit the market, of which $15.49 million will be going to the core contributors and $14.26 million set aside for the investors. The token-unlocking events will form a core part of several cryptocurrency projects, with a bunch of teams choosing to release the tokens to the market rather than unleashing them all at once. However, the unlocking events will be viewed by investors as they are more than likely to put some pressure on the prices as a new token supply would end up becoming available for sale. 

Optimism Token Has Slipped By 10% This Week

The price of the Optimism token is currently trading at a pretty flat rate at $1.26 after it experienced a brief rally of 3% in the last 5 hours, according to the price data from CoinGecko. Last week, on the 21st of September, the token revealed that it would be selling $160 million worth of the OP token to a bunch of private sellers- which was a part of a planned sale. On the 19th of September, OP announced its third airdrop, with 19.4 million OP tokens being allocated to around 31,000 addresses participating in a whole bunch of delegation activities that are related to the decentralized autonomous organization of the network, Optimism Collective.