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Optimism Token Drops By 70% After Airdrop

Anna Martynova

Optimism (OP), the token powering Ethereum’s L2 scaling solution, lost almost 70% from its $4.57 listing price shortly after the highly anticipated airdrop. OP is trading at $1.34 at the time of writing, after dropping to $0.79 in the first hours after listing, according to data from CoinMarketCap.

In April 2022, Optimism announced an airdrop of 5% of the total supply of OP tokens, or almost 215 mln tokens. According to Dune Analytics, a total of 248,699 users were eligible for the airdrop.

The airdrop also resulted in a huge increase in transactional addresses on Optimism. Transactional addresses have grown by 150% in the last 24 hours, from 7,000 to 19,000, according to Dune Analytics.

Image: Coin News

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