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

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Optimism (OP) appears to be on a superb 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. Nevertheless, the newest growth on the community may pose a risk to this restoration development.

Optimism Proclaims Third Airdrop

After finishing two rounds of airdrops already this yr, 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 staff revealed that the most recent 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 have been energetic voters.

As for many who have been ineligible to obtain the most recent spherical of airdrops, the staff assured the group that extra can be coming as 19% of the whole OP token provide is devoted to airdrops.

Will This Have an effect on OP Value?

The worth of the whole OP tokens being distributed within the third airdrop comes out to round $26 million. Which means $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 stress on the worth of the digital asset.

Now, if there’s 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 transferring into the purple with 0.24% losses. As extra customers obtain and entry their tokens, the promoting stress may climb quickly.

Nevertheless, 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 worth will maintain firmly and shake off any bear stress.

OP is already seeing elevated curiosity which has translated to a 40% improve in its every day buying and selling quantity, in keeping with data from CoinMarketCap. Its worth can also be holding tentatively at $1.40 as buyers await the market to react.

Optimism (OP) price chart from

OP worth recovers from crash | Supply: OPUSDT on
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