OP price slips 7% as Optimism preps for $580M supply jump

OP price slips 7% as Optimism preps for $580M supply jump
фото показано с : invezz.com

2023-5-30 13:51

Optimism’s price is down 7% on Tuesday after the OP token fell from around $1.64 to $1.51. The declines come as the community braces for a supply bump that could see further downside pressure for the Ethereum layer-2 solution.

OP traded at around $1.53 at 6 am ET on Tuesday, down 6.5% in the past 24 hours and nearly 30% off in the past 30 days.

Optimism supply to increase 100% as OP is unlocked

The downward move for OP tokens today comes as Bitcoin and Ethereum retested key price levels at $28k and $1.9k respectively. While it’s likely to mirror overall market action if BTC and ETH rally higher, the outlook for Optimism suggests the unlocking of over $580 million worth of OP could impact price.

As highlighted here, a total of 154 million OP will soon be unlocked to contributors and early investors, with this amounting to 3.6% of the total supply. Overall, Optimism’s planned unlock will see 386 million OP, worth over $580 million, enter the market as of 31 May, 2023. As a result, OP supply will jump by over 100% from the current 355 million.

As far as markets go, a large unlock such as this is likely to add to the current sell-off pressure, particularly if large holders decide to take profits.

A look at the current Optimism price shows that OP is down 52% from its all-time high of $3.22 reached on 24 February this year. However, the altcoin is still 277% up from its all-time low of $0.40 hit on 18 June, 2022.

Traders might also want to consider that Optimism has an important upgrade scheduled for 6 June 2023. Dubbed the “Bedrock Upgrade”, the hard fork is expected to significantly lower Optimism mainnet fees by at least 47%.

Could this play into price dynamics over coming weeks?

The post OP price slips 7% as Optimism preps for $580M supply jump appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

price optimism supply bump braces community come

price optimism → Результатов: 126


Фото:

Should I buy Balancer (BAL) in July 2022?

Balancer BAL/USD has weakened from $21.87 below $4 since April 08, 2022, and the current price stands at $5. Balancer launched Optimism to help Ethereum achieve greater scalability Balancer is an automated portfolio manager and trading platform that seeks to incentivize a distributed network of computers to operate an exchange where users can buy and […] The post Should I buy Balancer (BAL) in July 2022? appeared first on Invezz.

2022-7-7 21:16