As per the newest experiences, enterprise capital large Andreessen Horowitz (a16z) has proven curiosity in Ethereum Layer-2 platform Optimism, buying a staggering $90 million value of OP tokens. Defying the broader market downturn, the Optimism (OP) worth has rallied by 13.5% within the final 24 hours, and at the moment buying and selling at $2.65 with a market cap of $2.77 billion.
a16z Secretly Snaps Optimism Tokens
Curiously, final month on March 7, the Optimism Basis introduced that it had offered round 19.5 million OP tokens, valued at almost $90 million, to an undisclosed purchaser. These tokens have been sourced from a 30% pool of OP’s unique treasury designated for the inspiration’s preliminary operational finances.
Sources conversant in the matter instructed Unchained that the a16z’s buy of OP tokens has occurred beneath a two-year vesting interval, amid sturdy developmental exercise within the Optimism ecosystem, together with the surge in utilization of Optimism’s OP Stack.
Buyers partaking in token vesting durations usually safe discounted purchases in comparison with the token’s present buying and selling worth.
Optimism’s OP Stack product presents builders of Layer 2 blockchains the chance to make the most of its open-source know-how for deploying their mainnets. Just lately, Optimism achieved a major milestone when the builders of the Celo blockchain chosen OP Stack to launch the blockchain’s extremely anticipated Layer 2 answer.
Talking on the event, one of many sources mentioned: “It’s attention-grabbing. Optimism’s carried out fairly properly. They’re nonetheless doing airdrops.”
With out mentioning a16z’s involvement in Optimism, a spokesperson for the Ethereum Layer-2 platform mentioned: “We’re thrilled with the vitality and momentum that Optimism is getting and excited for what’s to come back”.
Curiously, a16z additionally holds an funding in crypto trade Coinbase, which runs its personal Layer-2 answer Base. Base and Optimism are potential rivals, with each attracting vital crypto tasks to make the most of their know-how stacks.
OP Worth Rally to Proceed
The information of enterprise large a16z shopping for Optimism tokens has garnered sturdy curiosity within the altcoin. Together with the OP worth rallying over 13%, regardless of the broader market sell-off, the buying and selling volumes have additionally surged by 90% all the best way to $548 million.
Following the current Bitcoin halving occasion, the OP found strong help across the $2 psychological threshold, establishing an area backside. This help catalyzed a constructive reversal, propelling the asset by 45% in two weeks to its present buying and selling worth of $2.63.
At the moment, the coin worth hints at a possible breakout from the overhead trendline. A day by day candle closing above this resistance trendline would point out a shift in market dynamics, favoring consumers. Subsequently, the post-breakout rally might propel the Optimism coin towards potential targets of $3.4, $4, and $4.78
The offered content material might embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability in your private monetary loss.
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