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Altcoin News - Optimism is poised to unlock OP tokens worth a staggering $587 million.
- The token unlock can double OP token current supply of 335 million.
On May 31, a significant event is set to happen in the Optimism (OP) ecosystem. More than 386 million OP tokens, equivalent to approximately $587 million, are scheduled to be unlocked. This unlocking marks the end of the initial vesting period for early contributors and investors. It has garnered attention due to the potential downward pressure it may place on the token’s price.
The scheduled token unlock holds the efficiency to double the circulating supply of OP tokens. The current supply stands at 335 million. As a result of this, potential selling pressure on the native OP token has arisen. Market analysts predict a selling pressure of approximately $600 million based on the current token price.
The unlocking event brings in speculation that it may result in substantial selling activity, primarily from investors who obtained OP tokens during the seed round. Noteworthy among these investors are Paradigm and IDEO, which have experienced remarkable gains of over 10,000% on their initial investments. Despite the fact that these investors currently have a combined profit of 529% based on their average purchase price of $0.24, the unlocking might entice crypto investors to increase their profits.
According to Coinmarketcap, Optimism’s price stands at $1.52, with a 24-hour trading volume of $90,328,298. However, the token has experienced a 6.79% decline in the last 24 hours. This reflects the cautious sentiment surrounding the upcoming unlock event.
As the unlock event unfolds, the price changes will provide valuable insights into the sentiment and decision-making of the participants involved, shedding light on the future trajectory of Optimism.
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