Optimism is the worst performer amongst the top 100 cryptocurrencies by market cap today.
The coin is underperforming ahead of the development team unlocking $587 million worth of OP coins.
OP Slides Ahead Of Token Unlock
OP, the native coin of the Optimism blockchain, is the worst performer amongst the top 100 cryptocurrencies by market cap. The poor performance comes as the development team is set to release $587 million worth of OP tokens into the open market later today.
This latest development is part of Optimism’s unlock plan. Unlocking tokens allow holders to be able to sell or swap the tokens if they desire.
At the moment, there are more than 386 million OP tokens held by early contributors and investors. By unlocking these tokens, OP’s circulating supply will more than double, with the current circulating supply now around 335 million.
Early investors and project contributors are sitting on significant profit and could choose to sell their tokens and take their money. If that happens, OP could experience immense selling pressure, resulting in the OP token recording further losses in the near term.
At press time, the price of OP stands at $1.52, down by more than 6% today. OP has lost more than 60% of its value since the start of the year despite Bitcoin and Ether adding at least 50% to their values during that period.