Optimism (OP) crypto's volume soars over 10,600%. Here's why

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Optimism (OP) crypto's volume soars over 10,600%. Here's why

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 Optimism (OP) crypto's volume soars over 10,600%. Here's why
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Highlights

  • Optimism (OP) crypto is an Ethereum layer-2 scaling solution, which had its grand opening with the OP crypto's airdrop on 1 June.
  • The Optimism crypto was witnessing a massive volume spike of over 10,600% (around 5:39 AM GMT+1), according to CoinMarketCap.
  • The 2809-ranked Optimism crypto was trading at US$1.74 with a trading volume of US$24,39,04,651 over a day, according to CoinMarketCap.  

Optimism (OP) crypto is an Ethereum layer-2 scaling solution with its grand opening with the OP crypto's airdrop on 1 June. Though the token is yet to be launched, its OP Drop comes with a buzz, and it has already had market participants queuing in to participate in the airdrop. 

Optimism crypto aims to cater to the issues related to Ethereum's higher transaction fees and confirmation times. Optimism crypto seeks to cater to the practical needs of developers. Users can not only reduce the fees, but they can also speed up transaction speed. 

Related read: What is Pi (PI) cryptocurrency? What makes it so unique?

Optimism crypto witnessed a massive volume spike of over 10,600% (5:39 AM GMT+1). However, the prices were down by 63.45%, according to CoinMarketCap.

Optimism's volume rally

The Optimism rally has primarily been due to airdrop news, which saw select Ethereum and OP users receive free tokens in almost 249,000 eligible wallets.

With future airdrops already on the cards, it has created enough flutter in the market, with investors looking forward to participating more actively in the protocol. 

Announcing the future airdrops, Optimism crypto tweeted that the release of OP marks the end of one chapter and the start of an entirely new one. Although it did have its fair share of glitches, the protocol said that despite its turbulent OP Drop 1 launch, they managed to stabilise it after five hours of non-stop work.

With the protocol already planning for its OP Drop 2, the Optimism developers hinted it would give further information next week.

The news of Optimism's airdrop has also had exchanges queuing up to list the tokens. Exchanges such as OKX, LBank, MEXC, KuCoin, and AAX recently announced their plans to list Optimism tokens. 

Price-performance

The 2809-ranked Optimism crypto was trading at US$1.74 with a trading volume of US$24,39,04,651 over a day, according to CoinMarketCap. The crypto was down by 65.63%, with a fully diluted market cap of US$6,744,799,699 with a total supply of 4,294,967,296 OP coins. 

Related read: What’s the reason for Verasity (VRA) crypto’s uptick?

OP crypto's airdrop announcement resulted in the number of holders growing up by 49.75%. The crypto is already boasting of 65,460 holders, according to CoinGecko. Optimism crypto has already conducted 227,385 transfers, according to Coingecko. With the increase in exchange participation, the number may rise in the coming days with more market participants interested in the protocol. 

While the price performance may be a concern, OP's volume rally must buoy the investors. The crypto market has been volatile, and as a market participant, one must tread carefully before deciding to enter the crypto market. 

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