{"id":180411,"date":"2023-08-22T21:40:04","date_gmt":"2023-08-22T21:40:04","guid":{"rendered":"https:\/\/precoinnews.com\/?p=180411"},"modified":"2023-08-22T21:40:04","modified_gmt":"2023-08-22T21:40:04","slug":"optimism-op-continues-market-recovery-as-network-whales-triple-their-holdings-in-the-past-year","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/optimism-op-continues-market-recovery-as-network-whales-triple-their-holdings-in-the-past-year\/","title":{"rendered":"Optimism (OP) Continues Market Recovery As Network Whales Triple Their Holdings In The Past Year"},"content":{"rendered":"

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.<\/span><\/p>\n

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.<\/span><\/p>\n

Optimism Major Investors Boost Holdings By 300% In The Last Year<\/span><\/h2>\n

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.<\/span><\/p>\n

Related Reading: Optimism (OP) Rides The Wave Of Today\u2019s Crypto Surge With 15% Rally<\/p>\n

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.<\/span><\/p>\n

\ud83d\udc33\ud83d\udcc8 #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<\/p>\n

— Santiment (@santimentfeed) August 21, 2023<\/p>\n<\/p>\n

The analytics team reported that these investors currently hold 505.91 million OP worth around $781.9 million. <\/span>Remarkably, this stake constitutes a significant 69.6% of Optimism\u2019s total market shares.<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

Behind the Growing OP Accumulation Trend<\/span><\/h2>\n

In line with Santiment\u2019s 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.<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

The analytics team states that this particular address has accumulated 8.14 million OP, valued at $12.7 million over the last 19 days.\u00a0<\/span><\/p>\n

Interestingly, Spot On Chain proposes that the reason behind OP\u2019s recent accumulation could be the upcoming Ethereum Cancun\/Deneb upgrade.<\/span><\/p>\n

Related Reading: Altcoin Season In Limbo As Bitcoin Dominance Bounces Off Key Support<\/p>\n

In June, Christine Kim, vice president of Galaxy Digital\u2019s 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.<\/span><\/p>\n

At the time of writing, Optimism is trading at $1.56, with a 0.29% decline in the last hour. Albeit, the token\u2019s trading volume is up 54.83% in the last 24 hours and is valued at $137.08 million.<\/span><\/p>\n

<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ethereum layer 2 network Optimism (OP) has<\/p>\n","protected":false},"author":3,"featured_media":180410,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nOptimism (OP) Continues Market Recovery As Network Whales Triple Their Holdings In The Past Year - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/optimism-op-continues-market-recovery-as-network-whales-triple-their-holdings-in-the-past-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Optimism (OP) Continues Market Recovery As Network Whales Triple Their Holdings In The Past Year - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Ethereum layer 2 network Optimism (OP) has\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/optimism-op-continues-market-recovery-as-network-whales-triple-their-holdings-in-the-past-year\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-22T21:40:04+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/08\/Optimism-OP-Continues-Market-Recovery-As-Network-Whales-Triple-Their-Holdings-In-The-Past-Year.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/optimism-op-continues-market-recovery-as-network-whales-triple-their-holdings-in-the-past-year\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/optimism-op-continues-market-recovery-as-network-whales-triple-their-holdings-in-the-past-year\/\",\"name\":\"Optimism (OP) Continues Market Recovery As Network Whales Triple Their Holdings In The Past Year - 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