Optimism Distributes 10 Million Tokens To NFT Artists — OP Trading Near ATH
Optimism announces its 4th airdrop, but OP price falls by nearly 12%.
Key Takeaways
- Optimism’s fourth airdrop rewards NFT artists with $41 million in OP tokens.
- OP token’s price fluctuates, recently dropping 12% from its all-time high.
- Airdrop criteria based on artists’ engagement; future drops planned with 560 million OP reserved.
Optimism has announced its fourth airdrop. The layer 2 platform will give around 23,000 NFT artists more than 10.3 million OP worth $41 million. This initiative is meant to reward digital artists with significant activity within the Ethereum and Optimism ecosystems.
Meanwhile, the price of OP revisited its all-time high on February 20, reaching a high of $4.10. However, it dropped by nearly 12% the following day to about $3.60. Was this a minor pullback before the next advancement, or has the all-time high interaction set off a larger rejection?
Optimism Airdrop
This airdrop focused on artists’ contributions between January 10, 2023, and January 10, 2024, evaluating the impact of their work through the gas fees generated by transactions involving their NFTs. In addition to the base rewards, Optimism offered extra bonuses for artists who surpassed certain levels of engagement and creativity, with rewards ranging from a minimum of 20 OP tokens to a maximum of 6,000 OP tokens per address.
This recent airdrop is part of a series following three previous distributions and is part of Optimism’s broader strategy to support and incentivize the community, with around 560 million OP tokens earmarked for future airdrops to foster positive-sum behavior within the ecosystem.
Optimism Price Analysis
The price of OP reached an all-time high of $4.20 on December 30, 2023. It reached this level again on January 13, even trading at a slightly higher price at its wick of $4.30. After this, it fell into a 39% to a low of $2.60 on January 24.
From this point, the last uptrend started, peaked today at the same vicinity as the previous high and was most likely the ending wave of the larger five-wave impulse. Worth noting is that the all-time high came following an interaction with the ascending trendline anchored at OP’s first high in June 2022.
OP was in this ascending channel from the beginning of its market trading. Recently, though, it suffered another rejection. There is still a chance that the uptrend might continue. However, if we see a breakout below the local ascending trendline, that would signal the start of the descending move.
It should develop as a corrective ABC decrease with the likely target of 0.618 Fibonacci retracement, which would come at $2.30.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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