One of the most characteristic events of bull markets is irrational price movements. Irrelevant events can lead to fluctuations. In 2021, we saw this a lot, Elon Musk would share something, and the token related to the theme of his post would immediately start to rise. Now, another similar absurdity has occurred.
Why Is OP Coin Rising?
A few minutes ago, X’s (Twitter) corporate account tweeted “optimism always wins.” Following this post, the price of Optimism (OP) rose above $4. The only reason for the rise, which started at $3.83, was X’s corporate account sharing a sentence containing “Optimism.” Overly optimistic or speculative traders might say they took this as a coded message and quickly started buying.
It would not be surprising if this absurd rise were to quickly reverse and sales begin after enough demand is created at a higher level. However, it is hard to predict how high the price can go because, at the time of writing, OP Coin was trying to surpass $4.05. Thus, another leaf is added to the series of absurdities in cryptocurrency.
