Optimism Airdrop Distributes 10M Tokens: How It Impacts OP Worth?
The cryptocurrency market is presently underneath bearish management, with Bitcoin dropping 1.54% within the final 24 hours, struggling to remain above $60,000. Among the many affected property is Optimism (OP), a outstanding layer-2 blockchain, which has seen its worth plummet by over 6% following its latest token airdrop.
Over 10 Million OP Tokens Airdropped
On October 5, 2024, Optimism carried out its fifth airdrop, distributing 10,368,678 OP tokens, valued at round $16 million, to 54,723 person addresses. The distribution rewarded customers who contributed to the expansion of the Superchain Ecosystem, which encompasses numerous decentralized apps throughout sectors like social media, decentralized finance (DeFi), gaming, and extra.
The official announcement highlighted the significance of supporting Superchain’s progress, with the airdrop concentrating on customers who actively transacted on platforms equivalent to OP Mainnet, Base, Orderly, and others from March 15 to September 15, 2024. Eligible customers now have till February 13, 2025, to say their OP tokens.
Vitalik Buterin praised Optimism’s SuperchainERC20 improve for enhancing Ethereum L2 collaboration. He additionally steered decreasing staking necessities and introducing fashions just like the Harberger tax for a balanced ecosystem.
What Makes Airdrop #5 Distinctive?
Not like earlier airdrops, Optimism’s fifth distribution comes with extra incentives for lively customers. Those that engaged with seven or extra totally different contracts inside the Superchain or transacted specified quantities of OP tokens obtained greater rewards.
Since its first airdrop in Could 2022, Optimism has allotted over 265 million OP tokens, with 550 million tokens nonetheless awaiting future distributions. These distributions intention to incentivize group involvement and develop the blockchain’s person base.
OP Worth Outlook and Market Impression
Following the airdrop, OP’s worth skilled a pointy drop of 6.07%, presently buying and selling at $1.54. The market cap stands at $1.93 billion, whereas the token’s circulating provide has risen to 1.26 billion because of the airdrop.
Technical evaluation signifies a bearish outlook for OP. The worth stays under the essential 50 and 200 Exponential Transferring Averages on the 4-hour chart, and the Transferring Common Convergence Divergence (MACD) has moved under the sign line, additional supporting a bearish pattern.
Within the close to time period, OP may face additional declines, with the subsequent important assist degree at $1.185, representing a 30% drop from present ranges. Nonetheless, the market’s response to the airdrop will play an important position—if customers promote instantly, the worth may fall additional, whereas holding onto tokens may stabilize the market and probably spur a rebound.
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