OP price dropped sharply after OP Drop #1

The attention of the crypto community is turning to the OP price, which is plummeting after the long-awaited airdrop event.

OP price plummeted

On June 1, Optimism just made an official announcement about the airdrop event. Then OP was traded on many major CEX and DEX exchanges.

After that, the increase in activity on the Optimism network overloaded layer-2 and caused many people to have problems claiming tokens. 

The impatience increased when the OP price after listing on the floor dropped sharply because of the early release of the token by the token recipients. OP token is currently only supported on Optimism, not connected via Ethereum.

According to statistics, the ETH gas fees burned by EIP-1559 during the Optimism airdrop on the first day ranked 5th on the list of projects that burned the most ETH.

As of June 2, only 60% of the OP tokens allocated to the airdrop event were claimed, while the number of wallets that received the airdrop was only 40%.

On the morning of June 2, Velodrome, the AMM project built on the Optimism platform, announced the opening of the VELO token airdrop portal to the community. Velodrome can be understood as a Curve on Optimism, allowing users to lock VELO to receive a reward for providing liquidity. In return, users will receive veVELO tokens for participating in project governance.

Because the listing on the exchanges is not synchronized, stemming from the early claim of the token by users and technical problems, the OP token price has fluctuated wildly in the first 24 hours of launch.

Although platforms like Bybit, OKX, Kucoin, etc., had no problem listing OP. The world’s largest cryptocurrency exchange, Binance, continuously had to delay the listing date on June 2 and has not fixed the error of not showing OP balance to users.

During this time, OP price continuously declined and is currently trading at only 1.2 USD. At this threshold value, OP has a market capitalization based on a circulating supply of over $270 million and a diluted capitalization on total supply of $5.4 billion. Trading volume in the last 24 hours is 651 million USD.

Out of displeasure at OP price being dumped by airdrop recipients, Optimism posted proposals to “punish” those who don’t act on the project’s overall purpose.

With the current situation, Optimism (OP) has joined the ranks of Ethereum projects that conducted airdrops and witnessed a sharp drop in token prices, such as Uniswap (UNI), Ethereum Name Service (ENS), LooksRare (RARE), ApeCoin ( APE),…

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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