Stablecoin Transaction Volume on OP Network Over $1 Billion

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Optimism Volume Surges
  • Santiment data shows an above-average amount of USDT and USDC volume on OP blockchain.
  • The stablecoin volume spike and OP’s price setting a local top happened simultaneously.
  • OP’s price is down more than 3% over the last 24 hours.

According to the blockchain analysis firm, Santiment, there have been some anomalies in network activity for Optimism (OP). In a tweet today, Santiment posted a highlight of their findings.

The report shows that Optimism, which is one of the few blockchains with “increasing TVL and onchain activity,” has shown quite some weird action recently. Perhaps the most intriguing bit of network activity on the Optimism chain is the extremely high transaction volume of stablecoins on it, the report stated.

Santiment’s report uncovered that the average USDT and USDC transaction volume on Optimism is less than $10 million. However, the detected anomaly showed that this figure skyrocketed to more than $1 billion recently.

In addition to the abnormal stablecoin transaction volume, there was also a high amount of token velocity during the period that the stablecoin transaction volume spiked. There was no anomaly detected with regards to the number of active addresses.

Daily chart for OP/USDT (Source: CoinMarketCap)

The on-chain anomalies occurred around the time OP’s price hit a local top of$1.198 last week. Since then, however, the price of OP has declined to a low of $0.865 before recovering again to consolidate in a parallel price channel between $0.880 and $0.969.

At press time, the crypto market tracking website, CoinMarketCap, shows that the price of OP has dropped 3.17% over the last 24 hours to trade at $0.9375. The altcoin’s price has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 2.96% and 3.11% respectively.

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