Optimism Soars: Surge in Transactions Sets New Monthly Record

• Optimism records an increasing daily transactions count as figures rise by 42% in the last 30 days. 

• A renowned crypto analyst earlier advised investors to only purchase the asset when it falls to a little below $2. 

Leading Layer 2 (L2) network Optimism (OP) is reportedly on an upward trend as daily transactions hit a new monthly high according to data from Artemis. In the last 30 days, the daily transactions count on Optimism has increased by 42 percent, hitting 512,770.

According to the report, the incredible rise is linked to the surge in user activity on the chain over the past seven days. Also, the daily count of unique addresses that facilitated at least one transaction on the network surged by 45 percent. There was a daily active address count of 77,470 addresses on Optimism on December 19.

Unfortunately, there has been a surge in gas fees on the network. Network users paid a year-to-date (YTD) high fee of $367,220 on December 18.

The incredible growth of user activities on the network in November has also shown in its decentralized finance (DeFi) vertical triggering an increase in Total Value Locked (TVL). The TVL currently stands at $838.77 million, signifying a 7 percent growth in the last 30 days. Optimism also benefited from the general demand in the L2 solutions this year, pushing a Year to date surge of 65 percent according to DefiLlama. 

In terms of revenue, Optimism has had a positive growth partly due to the rise of network fees. Token Terminal estimates that Optimism had a revenue growth of 47 percent obtained from the network fees. The figure currently stands at $53.95 million in the last 12 months. Comparatively, this represents an annualized growth of 90 percent. 

More on the Optimism (OP) Network Activities

The rising network fee may have also had a negative impact on the total volume of transactions executed on decentralized exchanges on the network. Decentralized Exchange volume has fallen by 56 percent since December 11 according to data from Artemis. 

Optimism has also had an interesting activity this year including the sale of 116 million Optimism (OP) tokens worth $160 million. This generated concerns that the team was dumping the token, however, it was explained that the action would not affect the market since it was a private sale. 

In the past three months, OP has made an incredible surge of 151.80%, adding $1.9 to its previous price to trade at $3.23. The asset has also made a whopping 11% price surge in the last 24 hours, taking its weekly surge to 50%. As of press time, it had a market cap of $2,967,280,703 and a bullish market score of 75/100. 

A price prediction platform predicts that OP may finish the year with a minimum price of $3.91. On average, the asset is expected to trade at $4.88, or even proceed to $5.86 by December 31. 

Earlier this month, crypto analyst Michaël van de Poppe cautioned his followers to be careful with purchasing Optimism. According to him, they should only enter the market when the price falls to between $1.85 and $1.935. 

Request 03 – $OP. Another one follows the path of Ethereum. If there’s a correction, then it would be wise to look at the region between $1.85-1.935 to ensure you’re getting a proper entry. Right now, you’re basically chasing the candles.