Amber Group has withdrawn a significant amount of OP tokens from Binance. This move triggered an increase in Optimism’s trading volume and altcoin price. However, the token later gave back most of its gains.
As Amber Group collects from Binance, altcoin price rises!
Cryptocurrency firm Amber Group has largely withdrawn its OP tokens from the Binance exchange. This move led to an increase in prices and activity around the Optimism network. On-chain analytics platform Data Nerd shared this development on its X account:
12 hours ago, 0x011 (associated with Amber Group) withdrew 2.84 million OP ($5.2 million) from Binance. They accumulated a total of 5.37 million OP ($9.37 million) in the last 3 days. OP has pumped 27% since their initial purchase.
According to Binance data, OP reached a trading volume of approximately 77 million USDT during the day. The altcoin price rose from an intraday low of $1,695 to a high of $1,927. At the beginning of this process, OP recorded an 11.4% increase in value on a daily basis. However, he later gave back most of his gains. At press time, the altcoin was trading at $1.82, up 1.5% on a daily basis. On the other hand, Amber Group’s interest in OP remains supportive for the token. In fact, OP recorded an increase of over 17% on its weekly chart.
Interest in Optimism is growing
As a result, Optimism’s total value locked (TVL) increased significantly. The increased activity and visibility from Amber Group’s move comes at a time when Optimism aims to solidify itself as a leading Layer 2 protocol to enable fast, low-cost Ethereum transactions. According to data from DefiLlama, Optimism’s TVL currently stands at $745.6 million.
Optimism was initially launched as an altcoin project focused on scaling through rollups that aggregate off-chain transactions. It later settled on Ethereum in 2020, becoming a Layer-2 solution. Its native token governs the network and promotes its security. Amber Group’s move underlines the interest of major crypto ecosystem players in Optimism’s long-term potential. The subsequent OP token price and volume increase reflects broader optimism.
Former head of Polygon Labs is now at Optimism!
Meanwhile, on Monday, the former head of Polygon Labs was announced as the Chief Growth Officer of Optimism Unlimited, a newly created subsidiary of the Optimism Foundation. Ryan Wyatt will build a team that will support the adoption and development of the altcoin project across a variety of functions, including business development, marketing, partnerships and more.
cryptokoin.comAs you follow from , Ryan Wyatt announced that he resigned from Polygon Labs in February 2022. Meanwhile, Marc Boiron stepped into the new CEO role with Wyatt’s departure. Boiron was previously the Chief Legal Officer of Polygon Labs. At the time, Wyatt said he planned to stay in the crypto industry.
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