Optimism Investor Whale Moves 2.65 Million OP Ahead Of Unlock; Dump Incoming?
Optimism 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. Read More Crypto News Here…
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.
Will Whales Dump OP?
As per Spot On Chain, Optimism Investor Whale accumulated around 21.31 million OP tokens from Coinbase and Binance. The accumulation was made at an avg buying price of $1.01 (approx worth $21.49 million). However, the whale made a profit of $4.67 million from Optimism. It sold 5.9 million OP tokens at a selling price of $1.80 (approx worth $10.62 million). The whale is still holding 15.37 million OP tokens (approx worth $23.23 million).
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- What’s Behind Ethereum’s Drop: Macro, TVL, DeFi & Liquidity Zones
- Bitcoin ETFs Record Biggest Daily Outflow Since August as OG Whales Cash Out
- CZ Trump Pardon: Binance Founder Denies Any Trump Family Ties
- Odds for December Rate Cut Soar to 71% After Michigan Consumer Sentiment Hits 2nd-Lowest in History
- Breaking: James Chanos Exits MSTR Short After Premium Drop
- After a 17% Jump, Is Litecoin Price Rebound Sustainable Amid Dominant Sell Activity?
- Cardano Price Soars 10% Amid Retail Accumulation: Will Bulls Target $1?
- Bitcoin Price: How Low BTC Could Fall by the End of 2025?
- Post-Giveaway Supply Shock: Impact on FUNToken’s Liquidity and Market Depth
- Aster Price Poised to Hit $2 as Coinbase Adds ASTER to Listing Roadmap
- Filecoin Price Rockets 51% as Grayscale’s FIL Holdings Hit Record High — What’s Next for FIL?
