According to recent reports, venture capital giant Andreessen Horowitz (a16z) has purchased $90 million worth of OP tokens, driven by its interest in the Ethereum Layer-2 platform Optimism. Despite the market downturn, the price of Optimism (OP) rose by 13.5% in the last 24 hours before slightly retracting. Nevertheless, it holds a market value of $2.63 billion and is trading at $2.52.
Optimism and a16z’s Purchase Move
Interestingly, on March 7, the Optimism Foundation announced that it had sold approximately 19.5 million OP tokens, worth about $90 million, to an undisclosed buyer. These tokens were taken from the original foundation treasury’s first operational budget, which allocated 30% of the supply.
Sources familiar with the matter told Unchained that a16z’s purchase of OP tokens occurred over a two-year period amid strong progress in the Optimism ecosystem, including increased use of the OP Stack.
Generally, investors participating in token vesting periods purchase at prices lower than the current trading price.
Meanwhile, a recent move by Celo blockchain developers has caught attention. Celo’s selection of the OP Stack for its eagerly awaited Layer-2 solution on its blockchain marks a significant milestone for Optimism.
A source discussing the development said:
This is very interesting. Optimism is doing quite well. They are still doing airdrops.
A spokesperson involved in the Ethereum Layer-2 platform commented on a16z’s investment in Optimism:
The energy and momentum Optimism has captured excites us and we look forward to the future.
How Much Did OP Price Reach?
Following the news of giant corporation a16z’s purchase of Optimism tokens, there was significant volatility in the altcoin price. OP price rose over 13% during this period, but later retracted, reflecting a 5% increase.
Despite the market downturn, trading volumes over the last 24 hours surged by 90%, reaching $548 million.
Following a halving event in recent weeks, OP has formed a solid support at the $2 psychological level, which has been confirmed as a local bottom. This support initiated a positive return movement, causing a 45% price increase and leading to a movement towards $2.63.
Currently, the cryptocurrency price appears on the verge of a potential breakout from the general trend line. A possible breakout could lead to a rally in Optimism, moving the price towards potential levels of $3.4, $4, and $4.78.
