Sunday, September 24, 2023
    HomeMarketThis New Development Could Stop The Optimism (OP) Price Dead In Its...

    This New Development Could Stop The Optimism (OP) Price Dead In Its Tracks


    Optimism (OP) appears to be on an excellent restoration path to this point within the month of September. That is because of the growing constructive person sentiment across the Ethereum Layer 2 community. Nonetheless, the latest improvement on the community may pose a menace to this restoration pattern.

    Optimism Declares Third Airdrop

    After finishing two rounds of airdrops already this 12 months, the Optimism network has moved on to its third airdrop. This time round, the community is trying to reward loyal Optimism customers who’ve delegated their OP for use to take part in governance on the community.

    In its announcement, the group revealed that the newest iteration of its airdrop reward system would see 19 million OP tokens distributed to 31,000 distinctive addresses on the community. The airdrop distribution started on Monday, September 18, with the tokens being despatched on to the wallets of eligible customers.

    The requirement was to have delegated OP tokens between January 20 to July 20 to obtain the airdrop. To sweeten the pot, the airdrop applies a 2x multiplier to those that had delegated their tokens to people who had been energetic voters.

    As for individuals who had been ineligible to obtain the newest spherical of airdrops, the group assured the neighborhood that extra could be coming as 19% of the full OP token provide is devoted to airdrops.

    Will This Have an effect on OP Value?

    The worth of the full OP tokens being distributed within the third airdrop comes out to round $26 million. Which means that $26 million value of tokens are making their approach into the open market. Solely half of the contributors promoting their allocation may see a $13 million promoting strain on the value of the digital asset.

    Now, if there may be not sufficient demand to suck up this new provide, then the sellers will win and the OP price will drop drastically. That is already being manifested in Optimism’s efficiency within the final day which is already shifting into the pink with 0.24% losses. As extra customers obtain and entry their tokens, the promoting strain may climb quickly.

    Nonetheless, provided that customers are being rewarded for holding and delegating their tokens, it may spark an urge to carry onto the OP tokens amongst those that obtain them in an effort to qualify for future airdrops. In such a case, the OP value will maintain firmly and shake off any bear strain.

    OP is already seeing elevated curiosity which has translated to a 40% enhance in its day by day buying and selling quantity, in line with data from CoinMarketCap. Its value can be holding tentatively at $1.40 as traders anticipate the market to react.

    Optimism (OP) price chart from

    OP value recovers from crash | Supply: OPUSDT on
    Follow Best Owie on Twitter for market insights, updates, and the occasional humorous tweet… Featured picture from CoinChapter, chart from

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