Optimism (OP) holders enjoy profits despite bearish price actions– details

The crypto market welcomed this week with the wrong foot at the market cap of all digital coins plummeted by 5% to $1.5 trillion from $1.6 trillion. Optimism (OP) joined this drawdown, closing the previous week with a nearly 20% price plunge to press time value of $2.83.

OP 7D Chart on Coinmarketcap

Despite the downward price trajectory, data shows more than 85% of OP holders enjoy profits at current prices.

Optimism’s holders enjoy returns despite price dips

The latest IntoTheBlock data shows 87% of Optimism investors are in the profitable category despite last week’s OP price plummet. That’s an impressive metric for the project as it displays resilience by loyal investors who can navigate through market volatility.

Source – IntoTheBlock

Further, long-term investors’ resilience confirms their confidence about the project’s future growth.

Optimism blockchain saw impressive growth within the past year. It implemented the Bedrock upgrade on 6 June 2023. The hardfork was among the detailed proposals for launching a Superchain with multiple blockchain platforms sharing a single software for improved interoperability and security.

The Bedrock hardfork targeted reduced fees and deposit time while ensuring top-notch security. Optimism saw a significant uptick in transactions and volume following the upgrade.

Optimism network revival

Data shows the layer2 scaling solution saw many large-scale transactions over the past few weeks. ITB data shows the figure jumped to 421 on 12 January to hit a one-year peak. Also, the number of wallets holding OP surpassed the 1 million market. New addresses joining the network stayed beyond 1.34K within the last three months. The amplified user activity is bullish for the digital token.

Further, Optimism joined the top 10 projects by GitHub commits, underscoring heightened developer activity.

Continued blockchain development over the past year has kept Optimism afloat despite broad market challenges, translating to impressive returns for OP holders.

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