Optimism Investor Whale Shifts 2.65 Million OP Ahead Of Unlock; Dump Incoming?

Crypto News: Optimism protocol is set to unlock 9% of its native crypto, OP’s total supply on May 31, 2023. Data suggests that 386.5 million Optimism (OP) tokens (approx worth $587.5 million) will be added to its circulating supply. Optimism price registered a decline of 6% in the last 24 hours ahead of the unlock event.

Also Read: Sell Alert: Top Crypto Tokens To Unlock In June

Optimism Faces $600 Mln Selling Pressure

Optimism will be performing the 1st OP unlock event for core contributors and investors as the initial vesting period comes to an end. As per the data, 204 million OP tokens (Approx worth $312.6 million) will distribute among the core contributors, while investors will grab 182.5 million OP (Approx worth $279 million).

As of now, there are 335 million OP tokens in the circulating supply with a market cap of around $511 million. It is important to note that the number of tokens set to be unlocked is 9% of its total supply which is more than the current circulating supply. The scheduled event has triggered a fear of massive selling off among the traders.

Spot On Chain reported that Wintermute, one of Optimism’s series B investors made some triggering transactions ahead of the unlock event. The whale moved 2.65 million OP tokens (approx worth $4.31 million) to the crypto exchange Binance.

Optimism price declined by over 30% in the last 24 hours. Op is trading at an average price of $1.53, at the press time. Its 24 hour trading volume is up by 37% to stand at $90 million.

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