Optimism: OP leads the crypto gang with a 90% growth in price in the past seven days

Several crypto belongings publish beneficial properties in the previous couple of weeks, and OP, the native token of Optimism, the Layer-2 scaling resolution, leads with a 94.92% spike in worth within the final seven days. Apart from the value rally, the protocol additionally noticed vital ecosystem updates through the week. For instance, the L2 protocol launched its new Optimism onboarding flow for brand spanking new and skilled cryptocurrency merchants. Also, it launched its first Euro pegged stablecoin within the type of $agEUR.

How else did the OP token fare within the final seven days?

Price efficiency evaluation

As the value of the main cryptocurrency, Bitcoin [BTC], climbed above the $24,000 worth mark through the week, the remainder of the market adopted go well with and recorded beneficial properties. The OP token was not left behind. Per information from CoinMarketCap, the value of the OP token rallied by over 95% within the final seven days. Seven days in the past, the token’s worth was $0.89. Exchanging palms at $1.78, elevated token accumulation of the tokens pressured a worth shoot up.

In the interval underneath evaluate, the token’s buying and selling quantity noticed regular progress. At 799.85 million at press time, OP registered a 67% progress in its buying and selling quantity within the final seven days. Within the identical interval, the token’s market capitalization grew from $177.93 million to $389.61 million.

Optimism OP 11.35.36 30 Jul 2022

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Source: Santiment

On a 24-hour chart, an 8.39% worth uptick was logged. With elevated OP accumulation in the previous couple of days, the token’s Relative Strength Index (RSI) marked its spot within the overbought area of 78 at press time. The token’s Money Flow Index (MFI) was additionally noticed at 88. 

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With the highs marked by these key indicators, the token’s 7-day rally is likely to be nearing its finish, as a bearish retracement sometimes follows such highs.

OPUSDT 2022 07 30 11 49 17

Source: TradingView

On-chain efficiency

In the interval underneath evaluate, information from Santiment revealed that the token’s social dominance peaked on 28 July when the metric touched a excessive of 1.03%. This was, nevertheless, adopted by a 32% decline inflicting the token’s social dominance to be pegged at 0.77% at press time. On a seven-day window, the token’s social dominance grew by 17%

OP’s social quantity additionally touched a excessive of 1065 on 28 July. At 195 at press time, the metric registered an 81% decline inside two days. On a seven-day window, this metric noticed a 43% progress. Within the identical interval, the token’s developmental exercise logged a minor progress of 0.37%.

Optimism OP 12.02.22 30 Jul 2022

Source: Santiment

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