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OP, YGG Feeling Sell-Side Pressure As Unlocks Loom
Optimism’s native token OP and Yield Guild Games’ YGG token are both in the red during Asia afternoon trading due to upcoming unlocks. Unlocks are scheduled to release previously locked
tokens to prevent team members from dumping on retail investors once listed on an exchange.
These unlocks increase liquidity and are generally viewed as a bearish signal. OP is down 3.5% and YGG is down 3% in the last 24 hours. Optimism is scheduled to unlock 2.3% of its OP token, worth $24.16 million, in the coming days, while YGG’s next unlock will push an additional 5.3% of its circulating supply, worth $16.7 million.
In the last 14 days, OP is down 24% and YGG is down approximately 32%. DYDX is scheduled to unlock 10.7% of its circulating supply on May 1, worth around $78 million.
(With inputs from Shikha Singh)
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