- In the past month, the OP token has experienced a significant jump of 42% according to data shared by Messari. It has also surpassed its competitors such as altcoins HBAR and SOL.
- The Optimism protocol has also demonstrated its strength with a 57.4% increase in daily user activity and an impressive 64.3% increase in revenue in the past month.
- From a social perspective, Optimism has experienced both positive and negative situations. In the previous month, social mentions and interactions decreased by 76% and 38.7% respectively.
Optimism, which has experienced significant growth on the network through its partnership with Coinbase, is seeing a significant increase in daily user activity; is optimism increasing for OP?
Progress on the Optimism Network Draws Attention
In recent months, the cryptocurrency markets have experienced volatile times, and leading assets such as Ethereum and Bitcoin have undergone corrections. However, in this environment, one token has shown notable resistance: Optimism (OP)
While many major cryptocurrencies experienced corrections, the price chart of OP told a different story. In the past month, the OP token has experienced a significant jump of 42% according to data shared by Messari. It has also surpassed its competitors such as altcoins HBAR and SOL, which gained 28% and 9% respectively. Additionally, the price increase can also be attributed to the increasing interest in the Base chain.
The growth of the Base Chain, which is the Ethereum Layer 2 (L2) chain developed in collaboration with Coinbase, carries significant implications for the Optimism protocol. This L2 solution has seen multiple milestones, with daily active addresses recorded at 85.66 thousand, a 39% decrease from its peak.
Although daily transactions are currently 73% below the All-Time High (ATH) value, they have reached 611.35 thousand, highlighting a significant activity trend. Although the Total Value Locked (TVL) amount decreased from 41.2 million dollars to 24.2 million dollars, there has been an upward trend on all fronts for the protocol.
The Optimism protocol has also demonstrated its strength with a 57.4% increase in daily user activity and an impressive 64.3% increase in revenue in the past month. Developmental steps were clear, with core developers increasing by 67.7% and code commits increasing by 3.8%.
Mixed Sentiments in the Social Sphere
From a social perspective, Optimism has experienced both positive and negative situations. In the previous month, social mentions and interactions decreased by 76% and 38.7% respectively, but a positive trend emerged in terms of weighted sentiment.
This indicates that positive comments outweighed the negative ones on social platforms, showing a more positive perception of OP within the community.
Amidst this growth, the price of OP has experienced a 2% correction in the past 24 hours, dropping to $1.68. As a result, the Market Value to Realized Value (MVRV) ratio has experienced a significant decrease.
This indicates that the most profitable addresses holding OP tokens were selling them. Other holders were less eager to sell as their chances of making a profit through these transactions were lower. This suggests that further significant price drops are unlikely.
Nevertheless, the number of token holders continues to increase, indicating ongoing interest from investors.
