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Optimism’s OP Token Faces 10% Drop Ahead of $30 Million Unlock

The native token of Optimism, OP, is taking a significant hit among the top 50 cryptocurrencies, plunging by as much as 10% in the week leading up to a substantial token unlock event. According to Token Unlocks, a tokenomics platform, approximately 24.16 million OP tokens, representing around 3% of the circulating supply, will be unlocked on September 30. This impending unlock could introduce over $30 million OP tokens into the market. The OP token trades flat for the day, hovering at $1.26. Token unlocking events occur daily in many major cryptocurrency projects. This follows a brief 3% rally observed in the past 5 hours, according to CoinGecko’s price data.

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