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Breaking News: Bitcoin Reaches $93,000 Amid Renewed Optimism: What To Keep An Eye On This Week
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Breaking News: Bitcoin Reaches $93,000 Amid Renewed Optimism: What To Keep An Eye On This Week

Optimism (OP) Continues Market Recovery As Network Whales Triple Holdings

Semilore Faleti
Semilore Faleti
Last Updated: June 11, 2024 10:23 am
3 mins read
Optimism

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Ethereum layer 2 network Optimism (OP) has maintained its market recovery in the last few days, recording a 5.57% gain over the last 24 hours, based on data from CoinMarketCap.

Since hitting the $1.31 price mark, Optimism has embarked on an upward curve, looking set to return to the high price levels seen at the start of August.

Optimism Major Investors Boost Holdings By 300% In The Last Year

Among many positives for Optimism, the on-chain analytics firm, Santiment has also revealed another significant development for the altcoin in terms of investors’ interest.

Related Reading: Optimism (OP) Rides The Wave Of Today’s Crypto Surge With 15% Rally

According to a report by Santiment on August 21, whale and shark addresses on Optimism holding between 100,000-10,000,000 OP have consistently increased their amount of holdings over the last 12 months.

🐳📈 #Optimism is seeing some positive signs today, as its +5% pump is accompanied by 22.9K active addresses, among its best days of 2023. Additionally, key whale & shark addresses with 100K-10M $OP continue holding a high level, currently worth $781.9M. https://t.co/VOE7uqOQpN pic.twitter.com/Ie0oX2pJT0

— Santiment (@santimentfeed) August 21, 2023

The analytics team reported that these investors currently hold 505.91 million OP worth around $781.9 million. Remarkably, this stake constitutes a significant 69.6% of Optimism’s total market shares.

In addition to this investment growth, Santiment also noted that Optimism recorded 22,900 active addresses on Monday, its fifth-highest value of their metric in 2023. 

Behind the Growing OP Accumulation Trend

In line with Santiment’s report on the increasing OP accumulation by Optimism major investors, Spot On Chain, another blockchain analytics platform, has recently provided a deeper insight into this trend.

According to a blog post by Spot On Chain, address 0x011, which they suspect belongs to popular venture capital firm Amber Group, has purchased 3.73 million OP – valued at $5.71 million – from Binance in the last 24 hours. 

The analytics team states that this particular address has accumulated 8.14 million OP, valued at $12.7 million over the last 19 days. 

Interestingly, Spot On Chain proposes that the reason behind OP’s recent accumulation could be the upcoming Ethereum Cancun/Deneb upgrade.

Related Reading: Altcoin Season In Limbo As Bitcoin Dominance Bounces Off Key Support

In June, Christine Kim, vice president of Galaxy Digital’s research team, stated that this impending Ethereum network upgrade – slated for the second half of 2023 – could boost the network capacity of layer two solutions such as Arbitrum and Optimism by 100-fold.

At the time of writing, Optimism is trading at $1.56, with a 0.29% decline in the last hour. Albeit, the token’s trading volume is up 54.83% in the last 24 hours and is valued at $137.08 million.

Optimism

OP trading at $1.56 on the daily chart | Source: OPUSD chart on Tradingview.com
Featured image from CoinMarketCap, chart from Tradingview.
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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The highest standards in reporting and publishing
How Our News is Made

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