Token

Optimism

JPEX

<div class="sg-post-des">
 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. 
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<div class="cointelegraph">
 The price of Optimism’s native OP <a rel="dofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> is leading losses among the top 50 cryptocurrencies, falling as far as 10% on the week <a rel="dofollow" title="ahead" href="https://thebittimes.com/tag/ahead.html">ahead</a> of a $30 million <a rel="dofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> <a rel="dofollow" title="unlock" href="https://thebittimes.com/tag/unlock.html">unlock</a>.
 According to data from <a rel="dofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>omics platform Token Unlocks, 24.16 million OP <a rel="dofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s, which account for roughly 3% of the circulating supply — are scheduled to be <a rel="dofollow" title="unlock" href="https://thebittimes.com/tag/unlock.html">unlock</a>ed on Sept. 30. 
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 <img src="https://cdn.thebittimes.com/images/2023/09/26/766660a2aa7f8806430d7ff59e1846bb.webp">
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 The next OP token unlock is scheduled for Sept. 30. Source: Token Unlocks
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 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.
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 <img src="https://cdn.thebittimes.com/images/2023/09/26/c79314f35be3493b99ebfe3133aa9b2a.webp">
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 The price of OP token has rebounded slightly in the past five hours. Source: CoinGecko
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 The price of the OP <a rel="dofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> 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. 
 Related: Optimism transactions surpass Arbitrum, but what’s behind the uptick in users?
 Last week on Sept. 21, Optimism revealed that it would be selling $160 million worth of the OP <a rel="dofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> to private sellers as part of a planned sale. 
 <blockquote class="twitter-tweet">
 Starting today, there will be several transactions totaling approximately 116M OP tokens. We’re sharing as a heads up to our community that these are planned transactions.— Optimism (_) (@optimismFND) September 20, 2023
 </blockquote> 
 On Sept. 19, Optimism announced its third airdrop, where 19.4 million OP tokens were allocated to more than 31,000 addresses that took part in delegation activities relating to the network’s decentralized autonomous organization (DAO), Optimism Collective.
 Asia Express: JPEX staff flee event as scandal hits, Mt. Gox woes, Diners Club crypto
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Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/optimism-op-token-slips-10-in-week-ahead-of-30m-token-unlock-tbt63990.html">https://thebittimes.com/optimism-op-token-slips-10-in-week-ahead-of-30m-token-unlock-tbt63990.html</a>

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

TheBitTimes

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