• Optimism [OP] will unlock 3.56% of its entire supply, worth $36.92 million, later this week.
• OP has gained a significant share of the market’s social dominance with 2.743%.
• OP’s 24-hour trading volume rose to $190.50 million and development activity increased to 35.24 while 30-day active addresses also increased.
What Optimism token unlock means for OP holders
The Optimism [OP] token will be unlocking 3.56% of its entire supply later this week, which is estimated to be worth $36.92 million dollars in the crypto market. This token unlock is expected to significantly impact liquidity levels in the market as it is one of the biggest unlocks ever recorded for a project.
Impact on Social Dominance and Trading Volume
The unlocking of these tokens has also had an effect on OP’s social dominance, with its share increasing by 2.743%. Additionally, OP’s 24-hour trading volume has also risen to $190.50 million dollars due to increased demand in the market for this asset. Furthermore, there has been an increase in development activity with public GitHub repositories connected to a project having greater code commits than usual and 30-day active addresses have experienced an uptick as well due to more people participating in trading activities involving this asset class.
Other Factors To Consider
It should be noted that although these metrics are indicative of an upcoming price rebound for OP, other factors such as news related events can also significantly affect price movements and should not be overlooked when analyzing potential investment opportunities within the cryptocurrency space..
Overall, it appears that with the upcoming token unlock for Optimism [OP], we can expect some positive developments happening within its network and surrounding markets which could lead to better prices for holders who decide to invest at present times before any potential hike happens after unlocking occurs..
Victor Olanrewaju is a journalist specialized in blockchain technology and cryptocurrencies with expertise in writing articles about related topics such as token unlocks, price predictions and analysis of underlying network data metrics like social dominance and development activity among others..