{"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 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 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>\nOptimism Major Investors Boost Holdings By 300% In The Last Year<\/span><\/h2>\n
Behind the Growing OP Accumulation Trend<\/span><\/h2>\n