Optimism
Why Optimism is down 13.0% today
Analysis
Optimism (OP) fell 13% over the past 24 hours despite news that the Optimism community passed a proposal to implement OP buybacks, a measure intended to support the token over time. The drop likely reflects broader market selling or profit-taking that outweighed the immediate impact of the governance headline, even as the buyback plan was framed as a supportive catalyst.
Contributing Factors (1)
Optimism passes buyback proposal to bolster OP token
The Optimism blockchain will begin to sell half of its Superchain revenue to buy back its own token starting next month, with the tokens held for future ecosystem use.
Move Details
Explanation Confidence
Moderate confidence. Multiple factors may be contributing.