OP token’s optimism drops 10% this week before the $30 million token unlock.

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Optimism witnessed a substantial decline of up to 10% in the week leading to the eagerly awaited token unlock event, which is poised to release a staggering 24 million OP tokens into the market.

The value of Optimism’s native cryptocurrency, OP token, is leading the charge in terms of losses among the top 50 cryptocurrencies. It plummeted by as much as 10% in the week preceding the unlocking of approximately $30 million worth of tokens.

According to data sourced from Token Unlocks, a tokenomics platform, a total of 24.16 million OP tokens, constituting around 3% of the circulating supply, are set to be unleashed on September 30th.

At the current market rates, this unlocking event will introduce slightly over $30 million worth of OP tokens to the market. Of this, $15.49 million will find its way into the hands of core contributors, while the remaining $14.26 million is earmarked for investors.

Token unlocking events are a pivotal aspect of many major cryptocurrency projects. Rather than releasing tokens all at once, many teams opt for a gradual approach. Nevertheless, investors typically view unlocking events as potential catalysts for downward price pressure, as a fresh supply of tokens enters the market.

As of today, the OP token’s price remains relatively stable, trading at $1.26. Notably, it experienced a brief 3% surge in value over the past five hours, according to price data sourced from CoinGecko.

Looking back to September 21st, Optimism made headlines by announcing the sale of $160 million worth of OP tokens to private sellers as part of a well-planned initiative.

On September 19th, Optimism unveiled its third airdrop, wherein a substantial 19.4 million OP tokens found their way to more than 31,000 addresses involved in delegation activities associated with the network’s decentralized autonomous organization (DAO), known as Optimism Collective.