Ethereum Layer 2 network Optimism (OP) has continued its market recovery in the past few days, according to CoinMarketCap data, and recorded a 5.57% increase in the last 24 hours. Optimism has entered an upward trend since reaching the $1.31 price level and appears ready to return to the high price levels seen at the beginning of August.
Critical Report from Santiment to OP!
In addition to many positive aspects about Optimism, on-chain analysis firm Santiment revealed another important development for the altcoin in terms of investor interest. According to a report dated August 21 by Santiment, whale and shark addresses holding between 100,000 and 10,000,000 OP have consistently increased their asset holdings in the last 12 months.
The analytical team reported that these investors currently hold approximately 505.91 million OP, worth about $781.9 million. It is noteworthy that this share represents 69.6% of Optimism’s total market share.
In addition to this investment growth, Santiment noted that Optimism recorded 22,900 active addresses on Monday, the fifth-highest value for this metric in 2023. In line with Santiment’s report on the increasing accumulation of OP by major investors in Optimism, another Blockchain analysis platform called Spot On Chain provided deeper insights into this trend recently.
Current Data on OP!
According to a blog post by Spot On Chain, the address 0x011, suspected to be owned by popular venture capital firm Amber Group, purchased 3.73 million OP worth $5.71 million from Binance in the last 24 hours. The analytical team states that this specific address accumulated 8.14 million OP worth $12.7 million in the past 19 days. Spot On Chain also suggests that the upcoming Ethereum Cancun/Deneb upgrade could be the reason behind the recent accumulation of OP.
In June, Christine Kim, Deputy Head of Research at Galaxy Digital, stated that this upcoming upgrade to the Ethereum network, planned for the second half of 2023, could increase the network capacity of Arbitrum and Optimism Layer 2 solutions by 100 times. At the time of writing, Optimism is trading at $1.56, down 0.29% in the last hour. However, the token’s trading volume has increased by 54.83% in the last 24 hours, reaching a value of $137.08 million.
