{"id":552933,"date":"2023-09-26T20:00:45","date_gmt":"2023-09-26T20:00:45","guid":{"rendered":"https:\/\/uniquehot.com\/?p=552933"},"modified":"2024-06-11T14:29:37","modified_gmt":"2024-06-11T14:29:37","slug":"optimism-op-below-1","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/optimism-op-below-1\/","title":{"rendered":"Upcoming Optimism Unlock Threatens To Drag OP Below $1"},"content":{"rendered":"

The Optimism native token OP<\/a> is now in the line of fire with millions of tokens set to be released into circulation. This threatens the altcoin\u2019s price which is already on a downward spiral after carrying out its 3rd airdrop<\/a>.<\/p>\n

Optimism Set To Unlock 24 Million Tokens<\/h2>\n

In the latest iteration of its token unlock events, the Optimism network is looking at over 24 million tokens being unlocked and brought into circulation. On-chain token tracking website Token Unlocks<\/a> reports that the 24.16 million token is worth approximately $30.7 million at current prices.<\/p>\n

Related Reading: Market Analysts Outline When The First Spot Bitcoin ETF Will Be Approved<\/a><\/div>\n

The token unlock event will take place on September 30, which is less than four days from the time of writing. This will see the equivalent of 3.03% of the total OP supply<\/a> being released into circulation at once.<\/p>\n

\"Optimism<\/p>\n

24.16 million tokens set to be unlocked | Source: Token Unlocks<\/a><\/pre>\n
This is coming just one month after the network locked an equivalent amount on August 30. Just like the August unlock, the 24.16 million tokens are allocated to two groups. 12.75 million tokens worth $16.19 million are going to Core Contributors and 11.41 million tokens worth $14.49 million will go to Investors.<\/p>\n
The Optimism unlock event is the largest of the over $54 million in token unlocks expected to happen over the next seven days. Other notable unlocks include SUI unlocking 4.9% of supply worth $16.92 million and Yield Guild Games (YGG) unlocking 6.7% of supply worth $2.55 million.<\/p>\n
Gauging The Impact on OP Price<\/h2>\n
A good way to figure out how the OP price might react is to look at historical performance during similar events. In the case of the OP price, there is no need to look too far back as the last token unlock event happened only a month ago.<\/p>\n
On August 30, Optimism unlocked an identical number of tokens and the price reacted negatively to this new supply. OP initially held tight around the $1.5 mark but once the unlock was completed, the price of the token nosedived, dropping from $1.5 to $1.3 in the span of two days.<\/p>\n
Related Reading: $200 Million In Crypto Lost As Mixin Network Comes Under Attack<\/a><\/div>\n
This shows that token unlocks, especially with the size of the upcoming Optimism unlock, are inherently bearish for price. If the historical pattern holds, then the OP price<\/a> could easily succumb to the bears and threaten the $1 mark. At the very least, the impact of this new supply could lead to a 10% decline, which would put the OP price just above $1.1.<\/p>\n
Even now, OP is already feeling the impact of the incoming bearish sentiment<\/a>. Over the last week, the price has plummeted more than 10%, bringing it below the $1.3 resistance.<\/p>\n
\"Optimism<\/p>\n
OP price threatened with new unlock | Source: OPUSDT on Tradingview.com<\/a><\/pre>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Optimism native token OP is now in the line of fire with millions of tokens set to be released into circulation. This threatens the altcoin\u2019s price which is already on a downward spiral after carrying out its 3rd airdrop. Optimism Set To Unlock 24 Million Tokens In the latest iteration of its token unlock events, the Optimism network is looking at over 24 million tokens being unlocked and brought into circulation. On-chain token tracking website Token Unlocks reports that the 24.16 million token is worth approximately $30.7 million at current prices. Related Reading: Market Analysts Outline When The First Spot Bitcoin ETF Will Be Approved The token unlock event will take place on September 30, which is less than four days from the time of writing. This will see the equivalent of 3.03% of the total OP supply being released into circulation at once. 24.16 million tokens set to be unlocked | Source: Token Unlocks This is coming just one month after the network locked an equivalent amount on August 30. Just like the August unlock, the 24.16 million tokens are allocated to two groups. 12.75 million tokens worth $16.19 million are going to Core Contributors and 11.41 million tokens worth $14.49 million will go to Investors. The Optimism unlock event is the largest of the over $54 million in token unlocks expected to happen over the next seven days. Other notable unlocks include SUI unlocking 4.9% of supply worth $16.92 million and Yield Guild Games (YGG) unlocking 6.7% of supply worth $2.55 million. Gauging The Impact on OP Price A good way to figure out how the OP price might react is to look at historical performance during similar events. In the case of the OP price, there is no need to look too far back as the last token unlock event happened only a month ago. On August 30, Optimism unlocked an identical number of tokens and the price reacted negatively to this new supply. OP initially held tight around the $1.5 mark but once the unlock was completed, the price of the token nosedived, dropping from $1.5 to $1.3 in the span of two days. Related Reading: $200 Million In Crypto Lost As Mixin Network Comes Under Attack This shows that token unlocks, especially with the size of the upcoming Optimism unlock, are inherently bearish for price. If the historical pattern holds, then the OP price could easily succumb to the bears and threaten the $1 mark. At the very least, the impact of this new supply could lead to a 10% decline, which would put the OP price just above $1.1. Even now, OP is already feeling the impact of the incoming bearish sentiment. Over the last week, the price has plummeted more than 10%, bringing it below the $1.3 resistance. OP price threatened with new unlock | Source: OPUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":552943,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[86072,89429,89481,86529,11738,89428,89482,88289,86141],"class_list":["post-552933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-op","tag-op-news","tag-op-performance","tag-op-price","tag-optimism","tag-optimism-news","tag-optimism-performance","tag-opusd","tag-opusdt"],"acf":[],"yoast_head":"\nUpcoming Optimism Unlock Threatens To Drag OP Below $1<\/title>\n<meta name=\"description\" content=\"Optimism\u2019s native token OP is now in the line of fire with millions of tokens set to be released into circulation.\" \/>\n<meta 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Upcoming Optimism Unlock Threatens To Drag OP Below $1","url":"http:\/\/uniquehot.com\/news\/optimism-op-below-1\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/optimism-op-below-1\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/iStock-1386847296-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/iStock-1386847296-1.jpg?fit=2121%2C1414"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["op","op news","op performance","op price","optimism","optimism news","optimism performance","opusd","opusdt"],"dateCreated":"2023-09-26T20:00:45Z","datePublished":"2023-09-26T20:00:45Z","dateModified":"2024-06-11T14:29:37Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Upcoming Optimism Unlock Threatens To Drag OP Below $1\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/optimism-op-below-1\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/optimism-op-below-1\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/iStock-1386847296-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/iStock-1386847296-1.jpg?fit=2121%2C1414\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"op\",\"op news\",\"op performance\",\"op price\",\"optimism\",\"optimism news\",\"optimism performance\",\"opusd\",\"opusdt\"],\"dateCreated\":\"2023-09-26T20:00:45Z\",\"datePublished\":\"2023-09-26T20:00:45Z\",\"dateModified\":\"2024-06-11T14:29:37Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/iStock-1386847296-1.jpg?fit=2121%2C1414","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/552933"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=552933"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/552933\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/552943"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=552933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=552933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=552933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}