The Santiment analytics platform recently released a report outlining a number of anomalies in the Optimism network. To this end, she indicated that traders should closely monitor the altcoin OP, the native token of Optimism. Here are Santiment’s observations about this layer 2 network based on the Ethereum blockchain.
What’s happening on Ethereum’s Tier 2 network?
Last June, Optimism was a source of disappointment for investors. The latter then decided to liquidate their holdings in POs. This caused a drop of almost 82% in the price of the token. Six months later, a completely different pattern can be observed. Indeed, on December 22, Santiment revealed in a tweet that he has observed anomalies on the Optimism network.
The analytics platform said: “ Optimism saw a massive spike in stablecoin trading volume on its blockchain, just as OP hit its local high last week. Our latest insight covers increased address activity, trading volume coinciding with price reversals and more “.
One of the anomalies observed on Optimism is its ” extremely high volume of stablecoin transactions “. This is what Santiment indicated in The report published on December 21 on the subject. Specifically, the trading volumes of the stablecoins Tether (USDT) and USD Coin (USDC) have increased by 99,000%.
Mysterious circumstances?
Santiment said the increase occurred under mysterious circumstances. The platform pointed out that usually, ” IThe average USDT or USDC trade volume on Optimism is less than $10 million “. But, with the anomaly observed, the volumes of transactions linked to these two stablecoins exploded “ over a billion dollars “.
It appears that the increase in transaction volumes took place simultaneously with the rise in the price of the altcoin OP. Furthermore, ” Iat velocity tokens was extremely high that day “. ” No anomalies in active addresses, only a healthy trend “said Santiment.
The least we can say is that currently crypto analysis platforms no longer let any anomaly pass. They inform the community as soon as they observe a problem. This is the case of Santiment, but also of Data Finnovation which recently spoke of various malfunctions on Binance.
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