{"id":28572,"date":"2023-08-22T19:52:47","date_gmt":"2023-08-22T23:52:47","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28572"},"modified":"2023-08-22T19:52:47","modified_gmt":"2023-08-22T23:52:47","slug":"optimism-op-continues-market-recovery-as-network-whales-triple-holdings","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/22\/optimism-op-continues-market-recovery-as-network-whales-triple-holdings\/","title":{"rendered":"Optimism (OP) Continues Market Recovery As Network Whales Triple Holdings"},"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<\/a>.<\/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<\/a>.<\/p>\n

Optimism Major Investors Boost Holdings By 300% In The Last Year<\/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\u2019 interest.<\/p>\n

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

According to a report by Santiment<\/a> 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.<\/p>\n

#Optimism<\/a> 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<\/a> continue holding a high level, currently worth $781.9M. https:\/\/t.co\/VOE7uqOQpN<\/a> pic.twitter.com\/Ie0oX2pJT0<\/a><\/p>\n

\u2014 Santiment (@santimentfeed) August 21, 2023<\/a><\/p>\n\n

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\u2019s total market shares.<\/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<\/p>\n

Behind the Growing OP Accumulation Trend<\/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.<\/p>\n

According to a blog post<\/a> by Spot On Chain, address 0x011, which they suspect belongs to popular venture capital firm Amber Group, has purchased 3.73 million OP \u2013 valued at $5.71 million \u2013 from Binance in the last 24 hours.\u00a0<\/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<\/p>\n

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

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

In June, Christine Kim, vice president of Galaxy Digital\u2019s research team, stated<\/a> that this impending Ethereum network upgrade \u2013 slated for the second half of 2023 \u2013 could boost the network capacity of layer two solutions such as Arbitrum and Optimism by 100-fold.<\/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.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

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<\/a>.<\/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<\/a>.<\/p>\n

Optimism Major Investors Boost Holdings By 300% In The Last Year<\/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\u2019 interest.<\/p>\n

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

According to a report by Santiment<\/a> 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.<\/p>\n

#Optimism<\/a> 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<\/a> continue holding a high level, currently worth $781.9M. https:\/\/t.co\/VOE7uqOQpN<\/a> pic.twitter.com\/Ie0oX2pJT0<\/a><\/p>\n

\u2014 Santiment (@santimentfeed) August 21, 2023<\/a><\/p>\n

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\u2019s total market shares.<\/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<\/p>\n

Behind the Growing OP Accumulation Trend<\/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.<\/p>\n

According to a blog post<\/a> by Spot On Chain, address 0x011, which they suspect belongs to popular venture capital firm Amber Group, has purchased 3.73 million OP \u2013 valued at $5.71 million \u2013 from Binance in the last 24 hours.\u00a0<\/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<\/p>\n

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

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

In June, Christine Kim, vice president of Galaxy Digital\u2019s research team, stated<\/a> that this impending Ethereum network upgrade \u2013 slated for the second half of 2023 \u2013 could boost the network capacity of layer two solutions such as Arbitrum and Optimism by 100-fold.<\/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.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-28572","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=28572"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28572\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28572"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}