Optimism Showers Creators with 10M $OP Tokens, Price Eyes $5.4

Optimism airdropped 10M $OP tokens to web3 artists who minted/traded NFTs in 2023.
Optimism Showers Creators with 10M $OP Tokens, Price Eyes $5.4

Key Insights

  • Optimism airdropped 10M $OP tokens to web3 artists who minted/traded NFTs in 2023.
  • This is the fourth airdrop in Optimism's rewards, targeting different web3 segments.
  • Optimism plans future airdrops with 560M $OP allocated for rewarding ecosystem contributors.
  • $OP faces bearish pressure, with a potential retest of $3.29 if it breaks below $3.68.
  • Overall, we can expect a potential rally to $5.4.

OP has just launched its fourth airdrop, giving away more than 10 million OP tokens to web3 artists.

The airdrop, which is worth around $40.8 million at the current market price, is a gesture of appreciation and acknowledgement for the artists who have contributed to the blockchain realm with their works of art.

A great society needs artists

Optimism believes that artists are important when it comes to building a vibrant web3 community, hence the airdrop.

According to a tweet from OP, the airdrop is open to 22,998 recipients who have either minted or traded NFTs on the Ethereum mainnet or Optimism's Superchain between 10 January last year and 10 January, this year.

The tweet also notes that the recipients have until 13 February 2025 to claim their tokens.

The Optimism airdrop announcement | Source: <a href='https://x.com/Optimism/status/1760002821120983200?s=20' target='_blank' rel='noreferrer noopener'><u>Twitter</u></a>
The Optimism airdrop announcement | Source: Twitter

Each recipient received a different amount of OP tokens depending on how popular their NFTs were, as well as the gas fees they used on the Superchain or the Ethereum mainnet.

For instance, an artist would get 5,000 OP tokens if they made or traded an NFT on the Superchain that used one ETH worth of gas. For artists that completed specific additional requirements, including being among the first to deploy contracts on the Superchain or having strong post-launch engagement, the rewards were also increased by 50%.

The Fourth Of Many Airdrops

OP has already carried out four airdrops, the first three of which were directed at various web3 community segments, including developers, users, and validators.

The most recent one, which took place in September 2023, awarded 19.4 million OP tokens to a range of organizations and people that helped Optimism gain traction.

Optimism's incoming airdrops
Optimism's incoming airdrops

According to a recent tweet from the OP Foundation, the network has set aside around 560 million of its 4.3 billion OP tokens for airdrops in the future, and intends to keep rewarding members of the ecosystem who contribute to its growth. 

Optimism Token Performance

According to data from Coingecko, OP is under some pretty serious bearish pressure, as shown below:

The price of Optimism
The price of Optimism

According to the charts, the bears are attempting to sink the cryptocurrency below the 0.382 Fibonacci level (around $3.68), as shown in the chart below.

Optimism's price performance
Optimism's price performance

In general, we can see that Optimism is bullish and has been rallying to the upside since launch.

However, the setup above presents some problems, because if we see a break below $3.68, Optimism will inevitably retest anywhere between $3.29 and $3.115.

If the bears turn out to be stronger than the bulls here, we could even see the cryptocurrency retest its 20-day EMA around $2.773.

Overall, as we mentioned before, Optimis is bullish, and the bulls are likely to come to the rescue soon, pushing the cryptocurrency straight up to the 0% Fibonacci level around $5.4, or even higher.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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