Optimism’s OP token has plunged 70% to $1.20 after its community airdrop launch was impacted by users who immediately sold their claimed tokens.
The latest trading price is reportedly fully diluted as the market capitalization stands at $5.1 billion, with an estimated supply of 4.3 billion tokens. The approximated supply held by investors is currently under 5%.
The launch of Optimism airdrop was also faced with other challenges, where some of the users said that some claimants got their tokens before the official airdrop launch.
Optimism announced the launch at 5.45 PM ET after smart contracts were deployed and the tokens started trading on DEX and centralized exchanges.
The network developers commented that they deployed and set their smart contracts at 11 AM EST with the OP tokens for the Airdrop 1. They added that its undoing was not making the contract plausible.
Optimism community member OxJohn has forwarded a proposal to have the sellers of the initial airdrop banned from receiving future airdrops. More than 43% of qualified wallets have claimed their tokens.