Price Analysis

Optimism(OP) Price Re-ignites a Strong Bull Run Aiming at 15% Jump Before Day’s Close!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jun 2, 2022

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Optimism is an L2 Ethereum scaled, low-cost & lightning-fast blockchain which aims to be completely decentralized, open-source, secure & scalable. The platform went live just a couple of hours before with a huge air drop. Within a very short time after the launch, the transaction count hourly rate peaked at 12 TPS, consuming less than 5% of the gas compared to Ethereum. 

It has to be noticed that, these metrics are with less than 50% of phase 1 of the air-dropped claimed while an extensive retro on Drop Day is planned for the next week. On the other hand, the remote procedure calls (RPCs) also hit an ATH of nearly 20,000/second. Amid the air drops, rounds of users claiming the tokens before the air drop outspread within the space. This led to great panic within the community that hindered the rally for some time. 

Therefore, the OP price that began its trade above $1.6, dropped hard by more than 38% but stood strong above $1. Frustrated with the drop within a couple of hours of the drop, some people within the community submitted a proposal. According to this proposal, the traders who sold the tokens of the initial airdrop received from Optimism would be banned from further governance-related activities. 

However, many disagreed with this proposal, and all went in vein, when the Optimism price regain extensive bullish momentum and surged by more than 30% after a brief consolidation. The OP price is currently hovering around $1.39 with a 7.21% jump, while the total supply of the tokens is above 4 billion at the press time. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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