Optimism Slumps Most Among Crypto Majors Ahead of $30M Token Unlock

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Optimism Slumps Most Among Crypto Majors Ahead of $30M Token Unlock
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The event will release 3% of the OP token’s circulating supply to investors and contributors.

) price slid Monday as the Ethereum scaling network’s native token braces for an increase in its circulating supply this week., which will see the release of 24.16 million of OP or 3% of its circulating supply, worth roughly $30 million. Some $16 million of the assets will be issued to core contributors of the project, while $14 million were earmarked for investors.

Cryptocurrency projects often lock a part of the token’s supply and release it gradually to prevent early investors and insiders from selling in large quantities immediately after they get the allocations. When the tokens are unlocked, they become available to sell, and thus, such events are usually considered bearish; often they induce price drops. However, sometimes investors front-run and may sell before the unlocking happens.

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