According to data from on-chain analytics platform Santiment, since its inception in May, OP, the native token of the Layer 2 scaling solutions provider Optimism, has registered growth in its on-chain activity. Interestingly, despite the surge in on-chain activity, OP’s price has failed to follow suit and post gains. Data from Santiment revealed a consistent […]
Interestingly, despite the surge in on-chain activity, OP’s price has failed to follow suit and post gains. Data from Santiment revealed a consistent decline in OP’s price since 4 August. Trading at $0.871 at press time, the crypto asset’s price witnessed a drop of 58% since August.
However, the count for active addresses that have since traded OP rallied. The count witnessed a growth of over 100% within the same period.According to Santiment, the count for daily active addresses and new addresses on the OP network “are at the highest levels since $OP’s inception in May.” Furthermore, their disparity with the asset’s price was a classic case of price/on-chain activity divergence.
Furthermore, as per Santiment, OP’s MDIA spiked by over 1000% since 16 August. This showed severe stagnation on OP’s network despite the growth in daily active addresses and new addresses. With a continued uptrend of the MDIA, OP’s price may fail to log any significant growth in the days to come.As for whale accumulation behavior, weathering through the continued fall in price, the count of holders of 10,000 to 1,000,000 OP tokens went up, as per data from Santiment.But, to the dismay of investors, this failed to result in any significant growth in the price of the asset.
Furthermore, a persistent fall in the price of the asset also led to a drop in its weighted sentiment. It was pegged at -0.226 at press time.Subscribe to get it daily in your inbox.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Solana holders need to know this before they decide to cut lossesSolana’s [SOL] probation period may be up if the team behind the project does nothing to solve its recurring challenges. Recall that Solana had been the victim of several exploits, and network issues, with some occurring repeatedly between June and September 2022. The latest outage could be proof that the network needed improvements. However, before […]
Read more »
Bitcoin: Here’s the case for an early Christmas in October for BTC holdersIs optimism around Bitcoin [BTC] and its holders seeing a solid foundation despite the daunting bear? Well, it certainly looks like the case. The overall supply on exchanges has dropped to extreme lows, as per data from Santiment. Here, it’s worth noting that the drop came at a time of wide-market sell-offs. Here’s AMBCrypto’s Price Prediction […]
Read more »
Why Cardano’s latest support level plays a critical role after recent lossesDisclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Cardano dips beneath range lows yet again Buyers have defended $0.42…so far Cardano [ADA] was expected to surge on the price charts after the Vasil hardfork was pushed out. Yet, the price persisted in its […]
Read more »
Middle East, North Africa are emerging as major crypto markets- Here’s whyA new report published by blockchain intelligence firm Chainalysis shed light on some interesting news coming out of the Middle East and North Africa (MENA) region. The report found that MENA was among the top adopters of crypto, with its crypto market growing at the fastest pace. Although this region represented a relatively smaller area, […]
Read more »
Here's why you'll be seeing trucks without anyone behind the wheel on Toronto roadsAs counterintuitive as it may feel, if you see a vehicle travelling on a Toronto roadway without anyone in the driver's seat, don't be alarmed — it...
Read more »
Institutions are hesitant about investing in Bitcoin, cryptos – Here’s whyThe latest insights into digital asset investment products (DAIP) and their weekly numbers highlight a troubling trend. Needless to say, such a trend is bound to come to the attention of investors too. The report, published by CoinShares, found that last week marked the third consecutive one with diminishing inflows into these investment products. With […]
Read more »