• Optimism’s OP token fell 13% in the last 24 hours following an 11M token airdrop.
• The airdrop was part of a broader plan to distribute 19% of its initial governance token supply.
• At the time of press, the OP price is down 10.97% over the past 24 hours with a 24-hour trading volume of $493.87 million.
Optimism recently distributed 11.7 million tokens to over 300,000 wallets on February 9th, increasing its OP token circulating supply to 234.74 million. This was part of a broader plan to distribute 19% of its initial governance token supply and eligible users included those who have spent more than $6.10 on gas since March 25th 2022 and those who delegated their voting power of their OP tokens.
Following the news, the OP token fell by 13% in the last 24 hours to $2.33 as of press time according to CryptoSlate data and at the time of press it is down 10.97%. According to Dune analytics data, the average amount air dropped was $38 while the maximum amount was $10,462 and transaction volume has ranged between 160-200 since falling from its all-time high (ATH) of 800k back in January 2021 .
At the time of press, Optimism is ranked #76 by market cap with a market capitalization of $559 million and a 24-hour trading volume of $493 million; meanwhile global crypto market is valued at at 1$ trillion with 24 hour volumeof 69 billion and Bitcoin dominance currently at 41%.
Year To Date Performance
OP has been one if not thee best performing digital asset year to date rising by over 200% since Jan 1st 2021 reaching its all-time high (ATH) in Feb 3rd 2021of 3$.
Optmism’s recent 11m token air drop has had an immediate effect on price resulting in 13% decrease however this will likely be temporary given it’s year to date performance which indicates long term growth potential for holders .