• Coinbase announced the launch of its L2 platform, Base, on OP stack
• Optimism token OP rose 16% in response to the news
• OP/USD price surged double digits and hit highs near its all-time high of $3.19
Coinbase Launches Base On OP Stack
Coinbase recently announced that it has launched its L2 platform, Base, on the Optimism (OP) stack. The news caused a surge in Optimism’s (OP) token price by 16%.
Impact On Price Of OP Token
The launch of Base on the OP stack had a positive impact on the price of the OP token. It rose to highs of $3.10 on Coinbase, not far from its all-time high of $3.19. Trading volume also surged by nearly 90%, with over $733 million worth of trading taking place in the past 24 hours. Furthermore, sentiment across the market flipped bullish as reaction to Coinbase’s news pushed up the price of OP token further.
Base Protocol Price Spikes 250%
The announcement from Coinbase sparked speculation among investors which resulted in another unrelated cryptocurrency called Base Protocol spiking more than 250%. This situation paled in comparison to what happened with Optimism’s native token though, as it only saw gains of around 16%.
Project Goal Of Onboarding 1 Billion Users Into Crypto Space
Coinbase noted that their project’s goal was to onboard more than 1 billion people into the crypto space using their platform which is secure, low-cost and developer-friendly for people who want to create or interact with decentralized applications (dApps). The project is built on Optimism’s (OP) stack which enables fast transactions and reduces gas fees significantly.
Optimism Price Could Hit ATH With Positive Technical Outlook
Optimism reached an all-time high back in February this year at $3.19 per token and analysts are optimistic that it could reach new heights again soon due to a positive technical outlook currently present in the market coupled with increased buying activity following Coinbase’s announcement regarding Base being launched onto the OP stack.