A number of crypto belongings submit positive factors in the previous couple of weeks, and OP, the native token of Optimism, the Layer-2 scaling answer, leads with a 94.92% spike in value within the final seven days. Other than the worth rally, the protocol additionally noticed important ecosystem updates throughout the week. For instance, the L2 protocol launched its new Optimism onboarding flow for brand spanking new and skilled cryptocurrency merchants. Additionally, it launched its first Euro pegged stablecoin within the type of $agEUR.
How else did the OP token fare within the final seven days?
Value efficiency evaluation
As the worth of the main cryptocurrency, Bitcoin [BTC], climbed above the $24,000 value mark throughout the week, the remainder of the market adopted swimsuit and recorded positive factors. The OP token was not left behind. Per knowledge from CoinMarketCap, the worth of the OP token rallied by over 95% within the final seven days. Seven days in the past, the token’s value was $0.89. Exchanging fingers at $1.78, elevated token accumulation of the tokens pressured a value shoot up.
Within the interval beneath evaluation, the token’s buying and selling quantity noticed regular progress. At 799.85 million at press time, OP registered a 67% progress in its buying and selling quantity within the final seven days. Inside the similar interval, the token’s market capitalization grew from $177.93 million to $389.61 million.
Supply: Santiment
On a 24-hour chart, an 8.39% value uptick was logged. With elevated OP accumulation in the previous couple of days, the token’s Relative Energy Index (RSI) marked its spot within the overbought area of 78 at press time. The token’s Cash Circulate Index (MFI) was additionally noticed at 88.
With the highs marked by these key indicators, the token’s 7-day rally is perhaps nearing its finish, as a bearish retracement usually follows such highs.
Supply: TradingView
On-chain efficiency
Within the interval beneath evaluation, knowledge from Santiment revealed that the token’s social dominance peaked on 28 July when the metric touched a excessive of 1.03%. This was, nevertheless, adopted by a 32% decline inflicting the token’s social dominance to be pegged at 0.77% at press time. On a seven-day window, the token’s social dominance grew by 17%
OP’s social quantity additionally touched a excessive of 1065 on 28 July. At 195 at press time, the metric registered an 81% decline inside two days. On a seven-day window, this metric noticed a 43% progress. Inside the similar interval, the token’s developmental exercise logged a minor progress of 0.37%.
Supply: Santiment
