Connect with us
Active Currencies 10198
Market Cap $1,202,557,914,649.70
Bitcoin Share 44.60%
24h Market Cap Change $0.68

Can Optimism [OP] repeat its 9 February performance in 2023? Analyzing…

2min Read
Can Optimism [OP] repeat its 9 February performance in 2023? Analyzing...

Share this article

  • Optimism experienced a sudden and significant increase in network growth and active addresses on 9 February.
  • The metrics have since collapsed, and OP has been moving differently.

On 9 February, Optimism [OP] experienced a sudden and dramatic increase in its network growth and the number of active addresses. This trend first appeared to be the new norm for the network. However, a significant correction has occurred, and OP appears to be uncoupled from these indicators.

Collection of top AI tools to use for different tasks.


Read Optimism’s [OP] Price Prediction 2023-24

Optimism’s not-so-optimistic metrics

According to data compiled by Santiment, on 9 February, the network growth and active addresses metrics experienced a dramatic increase. There were over 314,000 active addresses, and the network growth metric had over 33,000.

These metrics are noteworthy because, after 9 February, they completely collapsed. As of this writing, there were over 17,000 active addresses, but the network had only grown by 5,533, a drop of over 200%.

On 9 February, the Optimism Network surprised users by AirDropping 11.7 million governance tokens to almost 300,000 wallets. Its biggest rival is Arbitrum [ARB], also an Ethereum [ETH] layer 2. Still, unlike Optimism, it only had a token recently, so the AirDrop was an attempt to get an advantage over it. So, how well has it fared in that regard?

Comparing Optimism and Arbitrum through TVL

Although Optimism competes with other L2 networks like Polygon [MATIC], Arbitrum has been the one to which it has been most frequently compared. The Total Value Locked (TVL) of Optimism and Arbitrum per Defi Llama revealed a recent increase in both. Optimism had a TVL of approximately $984 million at the time of writing, whereas Arbitrum had a TVL of around $2 billion.

The Arbitrum network has recently been edging Optimism in some indicators, including TVL. The spike in traffic that Arbitrum had been experiencing and the decline that Optimism had been experiencing could be attributed to the recent AirDrop announcement that Arbitrum made.

Price move on a daily timeframe

Though OP AirDropped on 9 February, it also had its greatest one-day loss of the year on the date. On a daily timeframe, it lost over 13% of its worth. As of this writing, it had dropped over 2%, selling at around $2.58.

OP/USD daily timeframe price move

Source: TradingView

How much are 1,10,100 OPs worth today?

The location from where it plummeted is its resistance level at roughly $2.8 and $3.0. Also, OP has avoided falling below the neutral line on the Relative Strength Index line.

Unless there are events like the one on February 9, Optimism may not see such excellent metrics again. Yet, as the L2 race heats up, standout partnerships and innovations may draw greater attention to the network and favorably impact it.


Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.