Optimism’s native token, OP, saw a 3.5% slump in price on Tuesday following the announcement of a $36 million token unlock on Sunday. This unlock, which is 3.56% of the blockchain’s circulating supply, will allocate $19 million to core contributors and $17 million to investors. This follows a 10.7% sell-off across all OP trading pairs after the previous token unlock on June 30, although the token rebounded by more than 15% within 24 hours.
On Optimism’s most liquid market, Binance, 2% market depth is currently hovering around $600,000 on both buy and sell sides, meaning that a market order of that magnitude would move the price by 2% on the exchange. Despite the short-term volatility, the Optimism token has marked a 67% gain since the start of the year due to integrations with Worldcoin and Coinbase’s Base protocol.
Optimism is currently trading at $1.50 with a market cap of over $1 billion. Circulating supply remains at just 16% as token unlocks are scheduled incrementally until August 2027.