The Optimism (OP) token is falling even after token holders approved a long-awaited buyback plan. The buyback approval didn’t meet short-term market expectationsWhile Optimism token holders have approved a proposal to allocate 50% of Superchain sequencer revenue to OP buybacks, the market has reacted negatively rather than positively, and the main reason is timing. For short-term traders, delayed execution reduces the perceived impact. Conclusion: long-term promise, short-term pressureOP’s price decline reflects a convergence of macro, narrative, and technical factors. But until the market sentiment improves, OP is likely to remain under pressure despite its improving fundamentals.