This New Development Could Stop The Optimism (OP) Price Dead In Its Tracks

Optimism (OP) appears to be like to be on restoration path up to now within the month of September. That is because of the rising optimistic person sentiment across the Ethereum Layer 2 community. Nevertheless, the newest growth on the community might pose a menace to this restoration pattern.

Optimism Broadcasts Third Airdrop

After finishing two rounds of airdrops already this yr, the Optimism community has moved on to its third airdrop. This time round, the community is trying to reward loyal Optimism customers who’ve delegated their OP for use to take part in governance on the community.

In its announcement, the workforce revealed that the most recent iteration of its airdrop reward system would see 19 million OP tokens distributed to 31,000 distinctive addresses on the community. The airdrop distribution started on Monday, September 18, with the tokens being despatched on to the wallets of eligible customers.

The requirement was to have delegated OP tokens between January 20 to July 20 to obtain the airdrop. To sweeten the pot, the airdrop applies a 2x multiplier to those that had delegated their tokens to people who have been lively voters.

As for individuals who have been ineligible to obtain the most recent spherical of airdrops, the workforce assured the neighborhood that extra could be coming as 19% of the overall OP token provide is devoted to airdrops.

What’s subsequent?

Eligible addresses are within the technique of receiving OP for Airdrop #3.

There isn’t any want to assert this airdrop. Don’t work together with any website asking you to take action.

In case you missed out, don’t fear—19% of the overall preliminary provide of OP is devoted to airdrops.

— Optimism (_) (@optimismFND) September 18, 2023

Will This Have an effect on OP Worth?

The worth of the overall OP tokens being distributed within the third airdrop comes out to round $26 million. Because of this $26 million value of tokens are making their means into the open market. Solely half of the members promoting their allocation might see a $13 million promoting stress on the worth of the digital asset.

Now, if there’s not sufficient demand to suck up this new provide, then the sellers will win and the OP value will drop drastically. That is already being manifested in Optimism’s efficiency within the final day which is already transferring into the crimson with 0.24% losses. As extra customers obtain and entry their tokens, the promoting stress might climb quickly.

Nevertheless, provided that customers are being rewarded for holding and delegating their tokens, it might spark an urge to carry onto the OP tokens amongst those that obtain them in an effort to qualify for future airdrops. In such a case, the OP value will maintain firmly and shake off any bear stress.

OP is already seeing elevated curiosity which has translated to a 40% improve in its each day buying and selling quantity, in keeping with data from CoinMarketCap. Its value can also be holding tentatively at $1.40 as traders anticipate the market to react.

OP value recovers from crash | Supply: OPUSDT on Tradingview.com