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Optimism (OP): Should Holders Rejoice Amid Upcoming ETH Merge?

Optimism’s OP joined the upside crypto market party that saw most digital tokens recording double-digit price surges within the previous week. Coinmarketcap shows the layer2 coin gained approximately 16% over the past seven days.

OP developers designed an optimistic roll-up platform to improve the scalability of the ETH Chain. Meanwhile, Optimism ranks 2nd as the most utilized layer2 solution provider. It follows Arbitrum with a $1.60 billion total value locked.

The September 8 Twitter thread had Optimism confirming that the Ethereum Network transition to a Proof-of-Stake mechanism wouldn’t impact its undertakings, with withdrawals and deposits continuing as usual.

It added that it would post its stated roots and transaction data to the proof-of-stake upon the Merge completion. Moreover, the nodes would keep reading data from the after-Merge chain.

OP-timistic Market Players

OP token traded at $1.37 during this writing. Meanwhile, the crypto’s trading volume gained 109% over the last seven days. Also, the OP market noted surged liquidity over the timeframe under review, with key indicators rising beyond their neutral levels. The MFI (Money Flow Index) read 62 during this publication.

OP’s Relative Strength Index stood at 54. Also, the Chaikin Money Flow had its dynamic line at 0.02, beyond the center line (0/0), suggesting amplified buying strength.

On-Chain Performance

Optimism has seen improved network development activity within the last few months. That comes amid the proposed launch of Optimism Bedrock and EIP-4844 ahead of the anticipated ETH Merge. Santiment data shows this metric grew by 23% within the previous 180 days.

Meanwhile, whales have increased the OP balances amid expectations of substantial price growth for the L2 coin after Merge. Consequently, address holding 1 million to 10 million OP coins represented 2l14% of all wallets holding the digital token. The metric stood at 2.86% some four months ago.

Meanwhile, Optimism has had its daily revenue plummeting steadily over the past 180 days, following increased competition within the layer2 market. According to Token Terminal data, the network’s daily revenue had lost about 29% in the past 180 days. Meanwhile, it lost 76% within the past 90 days and 26% over the previous month.

Optimism’s 24hr revenue remained the most inconsistent within the past 30 days compared to layer2 providers like Loopring and dYdX.

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