{"id":535852,"date":"2023-05-31T13:30:26","date_gmt":"2023-05-31T13:30:26","guid":{"rendered":"https:\/\/wncen.com\/?p=535852"},"modified":"2024-06-11T12:52:37","modified_gmt":"2024-06-11T12:52:37","slug":"optimism-crashes-33-following-token-unlocks-why-there-could-be-more-pain-to-come","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/optimism-crashes-33-following-token-unlocks-why-there-could-be-more-pain-to-come\/","title":{"rendered":"Optimism Crashes 33% Following Token Unlocks, Why There Could Be More Pain To Come"},"content":{"rendered":"

Optimism (OP) has been one of the hardest-hit cryptocurrencies over the last week as bearish sentiment around the coin rose rapidly. The reason for this was a massive amount of OP tokens that were unlocked this week, leading to significant buy pressure on the digital asset. However, the bearish trend does not seem to have ended yet given that the altcoin could see more buying pressure.<\/p>\n

$600 Million Token Unlock Sends Optimism Spiralling<\/h2>\n

On Tuesday, Optimism saw one of its largest token unlocks when over 300 million were released into circulation<\/a>. These tokens accounted for around 9% of the total OP supply, which was a significant amount to move into the market, especially during a bear market.<\/p>\n

Related Reading: Bullish Case For Litecoin Grows Stronger As LTC Halving Draws Close<\/a><\/div>\n

The coins totaling 386 million OP at the time were worth approximately $600 million. This meant that there was now $600 million worth of new potential selling pressure for the token and the altcoin began to respond before the unlock was live.<\/p>\n

In the hours leading up to the massive unlock, OP\u2019s price first dropped around 7%. But then the unlock triggered further sell pressure and by the time the sellers were done for the day, the digital asset had already lost more than 20% of the value it began the day with.<\/p>\n

\"Optimism<\/p>\n

OP falls to five-month low | Source: OPUSD on TradingView.com<\/a><\/pre>\n
More Pain To Come For OP Holders?<\/h2>\n
While it does seem that OP sellers are starting to tire out, the bearish case for the altcoin continues. This is because the $600 million unlock was only the first unlock for core contributors and investors, meaning VCs and others.<\/p>\n
Data from Token Unlocks shows that Optimism has another token unlock coming up at the end of June for a total of 24.15 million tokens. This means that a month from now, another $34.5 million worth of tokens will be unlocked. This 0.562% of supply may be smaller than the 9% unlock that took place in May but it will put selling pressure on the token nonetheless.<\/p>\n
\"Optimism<\/p>\n
$34.5 million in OP set to be unlocked on June 30 | Source: Token Unlocks<\/a><\/pre>\n
At the time of writing, the coin is down 10% on the daily chart and 33% on the monthly chart. OP\u2019s price has now fallen to $1.37, a price level that has not been seen since January. This is a 50% decline from its 2023 highs.<\/p>\n
Related Reading: Here Are The Top 3 Chinese Coins To Buy As China Leads The Bull Run<\/a><\/div>\n
If the bulls fail to recover OP\u2019s price this week, then it could fall below the $1.3 support. A fall below this level would be detrimental to holders as the next likely support for the digital asset would sit at $1.2, prompting a further 10% drop.<\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from Coin Culture, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Optimism (OP) has been one of the hardest-hit cryptocurrencies over the last week as bearish sentiment around the coin rose rapidly. The reason for this was a massive amount of OP tokens that were unlocked this week, leading to significant buy pressure on the digital asset. However, the bearish trend does not seem to have ended yet given that the altcoin could see more buying pressure. $600 Million Token Unlock Sends Optimism Spiralling On Tuesday, Optimism saw one of its largest token unlocks when over 300 million were released into circulation. These tokens accounted for around 9% of the total OP supply, which was a significant amount to move into the market, especially during a bear market. Related Reading: Bullish Case For Litecoin Grows Stronger As LTC Halving Draws Close The coins totaling 386 million OP at the time were worth approximately $600 million. This meant that there was now $600 million worth of new potential selling pressure for the token and the altcoin began to respond before the unlock was live. In the hours leading up to the massive unlock, OP\u2019s price first dropped around 7%. But then the unlock triggered further sell pressure and by the time the sellers were done for the day, the digital asset had already lost more than 20% of the value it began the day with. OP falls to five-month low | Source: OPUSD on TradingView.com More Pain To Come For OP Holders? While it does seem that OP sellers are starting to tire out, the bearish case for the altcoin continues. This is because the $600 million unlock was only the first unlock for core contributors and investors, meaning VCs and others. Data from Token Unlocks shows that Optimism has another token unlock coming up at the end of June for a total of 24.15 million tokens. This means that a month from now, another $34.5 million worth of tokens will be unlocked. This 0.562% of supply may be smaller than the 9% unlock that took place in May but it will put selling pressure on the token nonetheless. $34.5 million in OP set to be unlocked on June 30 | Source: Token Unlocks At the time of writing, the coin is down 10% on the daily chart and 33% on the monthly chart. OP\u2019s price has now fallen to $1.37, a price level that has not been seen since January. This is a 50% decline from its 2023 highs. Related Reading: Here Are The Top 3 Chinese Coins To Buy As China Leads The Bull Run If the bulls fail to recover OP\u2019s price this week, then it could fall below the $1.3 support. A fall below this level would be detrimental to holders as the next likely support for the digital asset would sit at $1.2, prompting a further 10% drop. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from Coin Culture, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":535891,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[86072,86529,88354,11738,88289,86141],"class_list":["post-535852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-op","tag-op-price","tag-op-token-unlock","tag-optimism","tag-opusd","tag-opusdt"],"acf":[],"yoast_head":"\nOptimism Crashes 33% Following Token Unlocks, Why There Could Be More Pain To Come<\/title>\n<meta name=\"description\" content=\"Optimism (OP) has been one of the hardest-hit cryptocurrencies over the last week as bearish sentiment around the coin rose rapidly. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Optimism Crashes 33% Following Token Unlocks, Why There Could Be More Pain To Come","url":"http:\/\/wncen.com\/news\/optimism-crashes-33-following-token-unlocks-why-there-could-be-more-pain-to-come\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/optimism-crashes-33-following-token-unlocks-why-there-could-be-more-pain-to-come\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/Optimism-OP.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/Optimism-OP.jpeg?fit=1000%2C572"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["op","op price","op token unlock","optimism","opusd","opusdt"],"dateCreated":"2023-05-31T13:30:26Z","datePublished":"2023-05-31T13:30:26Z","dateModified":"2024-06-11T12:52:37Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Optimism Crashes 33% Following Token Unlocks, Why There Could Be More Pain To Come\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/optimism-crashes-33-following-token-unlocks-why-there-could-be-more-pain-to-come\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/optimism-crashes-33-following-token-unlocks-why-there-could-be-more-pain-to-come\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/Optimism-OP.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/Optimism-OP.jpeg?fit=1000%2C572\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"op\",\"op price\",\"op token unlock\",\"optimism\",\"opusd\",\"opusdt\"],\"dateCreated\":\"2023-05-31T13:30:26Z\",\"datePublished\":\"2023-05-31T13:30:26Z\",\"dateModified\":\"2024-06-11T12:52:37Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/Optimism-OP.jpeg?fit=1000%2C572","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/535852"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=535852"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/535852\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/535891"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=535852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=535852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=535852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}