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Optimism, one of the best Ethereum layer2 solutions, recently made an announcement regarding airdrops. While the fluctuation in BTC price continues, the crypto markets are relatively calm as they enter the Fed week. So, what do the current data indicate for OP Token?
Optimism (OP) Airdrop
Optimism has decided to directly send the remaining and unclaimed funds from its first airdrop to eligible addresses. According to blockchain data, 215 million tokens were allocated during the airdrop process that started on June 1, 2022. Out of this, 166 million tokens were sent to wallets as they were claimed, and investors received their assets. However, approximately one-fourth of the addresses eligible for the airdrop did not claim it through the relevant interface. The team has decided to distribute the unclaimed shares directly.
Optimism had announced that it would distribute 19% of the initial token supply through airdrops. After two separate airdrops, 13.73% of the allocated balance remains undistributed. Optimism has not yet made an announcement for a third airdrop. According to on-chain data, Optimism is currently the second-largest layer2 solution in terms of total value locked (TVL).
OP Token Price Analysis
As the price of Bitcoin has held its ground around $26,500, the downtrend in altcoins has temporarily halted. At the time of writing this article, OP Token is trading at $1,369. The price, which dropped to the $1.21 region on August 17 and September 10-11, has recovered three times from this bottom area. The price is currently hovering around the $1.34 support level, and as long as the $1.31 support is maintained, an upward movement can continue.
If the $1.44 region, which was tested yesterday, can be surpassed, a new movement towards $1.5 and $1.59 followed by $1.8 can begin. On the contrary, if the $1.2 region is lost, there is a risk of a drop to $1.063 and $0.9.
Depending on the performance of the Bitcoin price, OP Token can soon aim for one of the extreme targets. With the upcoming Fed data on Wednesday, experts are now hoping for more clarity on the interest rate ceiling. If the Fed announces that it does not need further tightening and reveals the interest rate ceiling, it will signify the beginning of a relief environment for the risk markets.
