On-chain data analytics platform Santiment has detected anomalies in an altcoin that has eluded investors. Altcoins The price had recently performed strongly, reaching its local top.
Santiment, Ethereum scaling solution Optimism (OP) drew attention to the data. Optimism is also seeing a rise in its price due to the increasing volume of USDC and USDT transactions on the layer-2 blockchain.
“The price of Optimism has gone beyond a local peak and saw an increase in stablecoin trading volume as well.” – Centiment
According to Santiment, the increase in USDT and USDC trading volume increased by 90,000%. The reason for this increase is not yet known.
“Average USDT and USDC volume on the Optimism network is under $10 million. However, after the recent increase, it exceeded the level of 10 billion dollars. Could it be liquidity mining or washtrading?”
Santiment in the Optimism network stablecoin He underlined that on the day when the abnormal increase in the transaction volume was seen, the token circulation rate was extremely high, but no abnormality was detected in the number of active addresses.
“While all this was going on, the circulation rate was quite high. On the other hand, no abnormality was detected in the number of active addresses. As a result, the healthy appearance continues.”
Token velocity is the average number of times a crypto asset is traded over a period of time.
According to Santiment, the anomaly in transaction volumes on the Optimism network coincided with the scaling solution reaching a local peak when paired with Bitcoin (BTC).
“It also coincided with a time when the OP price versus BTC peaked and the crowd was maxed out. There’s probably a connection, we just don’t know which one. Keep an eye on this altcoin, something is going on.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.