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, ..
Support the originator by clicking the read the rest link below.
