Optimism

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Data shows the hype around XRP has spiked as the asset has registered a 12% gain during the past week, something that may lead to a top.
XRP Social Dominance Has Surged To High Values Recently
According to data from the on-chain analytics firm Santiment, crowd optimism around XRP has shot up recently. A relevant indicator here is the “social volume,” which measures the total number of unique social media text documents that are currently making mentions of a given coin or topic.
These “social media text documents” refer to text-based posts or threads sourced from various popular social media platforms like Reddit, Twitter, and Telegram.
Since this metric only measures the unique number of such documents, it means that even if a post mentions the cryptocurrency in question several times, its share of the social volume still only remains one unit.
Because of this restriction, the indicator can provide a reliable picture of whether the users in the wider social media platforms are discussing the asset or not right now.
Another indicator, called “social dominance,” is also of interest here; this metric compares the social media of the cryptocurrency (which would be XRP in the current case), to that of the combined social volume of the top 100 assets by market cap in the sector.
Now, here is a chart that shows the trend in the XRP social volume, as well as the social dominance, over the last year:


As displayed in the above graph, both the XRP social volume and the social dominance have spiked to high levels recently. At the peak of this surge, the latter indicator had hit a value of 16.2%, which means that 16.2% of all discussions on social media websites related to the top 100 assets were about the token.

These elevations in the social metrics of the cryptocurrency have come as the price has outperformed all the largest coins in the market after registering a gain of more than 12% during the past week.
Generally, whenever the social volume rises along with a price rise, it means that the investors are becoming more optimistic about the near-term outcome of the asset.
While such positive attention can sometimes help fuel the price rise further, it’s also true that too much of it can actually have the opposite effect on the cryptocurrency.
Historically, digital asset markets have tended to move against the expectations of the opinion of the crowd, so a large amount of hype and euphoria can offer the perfect recipe for the formation of a top to take place.

The latest spike in the social dominance of XRP doesn’t necessarily have to be bearish, but it’s still something that can increase the probability of a top taking place.
Though, there has also been a bullish sign for the asset recently, as the number of active addresses has rapidly increased. Such a trend is usually a sign that a large number of users are participating in the blockchain, which is something that can help the price rise to be more sustainable.
XRP Price
At the time of writing, XRP is trading around $0.5047, up 12% in the last week.





Data shows the hype around XRP has spiked as the asset has registered a 12% gain during the past week, something that may lead to a top. XRP Social Dominance Has Surged To High Values Recently According to data from the on-chain analytics firm Santiment, crowd optimism around XRP has shot up rece...

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XRP Hype Spikes As Price Surges 12%, Is This A Top Signal?

Optimism (OP) has been one of the hardest-hit cryptocurrencies over the last week as bearish sentiment around the coin rose rapidly. The reason for this was a massive amount of OP tokens that were unlocked this week, leading to significant buy pressure on the digital asset. However, the bearish trend does not seem to have ended yet given that the altcoin could see more buying pressure.
$600 Million Token Unlock Sends Optimism Spiralling
On Tuesday, Optimism saw one of its largest token unlocks when over 300 million were released into circulation. These tokens accounted for around 9% of the total OP supply, which was a significant amount to move into the market, especially during a bear market.

The coins totaling 386 million OP at the time were worth approximately $600 million. This meant that there was now $600 million worth of new potential selling pressure for the token and the altcoin began to respond before the unlock was live.
In the hours leading up to the massive unlock, OP’s price first dropped around 7%. But then the unlock triggered further sell pressure and by the time the sellers were done for the day, the digital asset had already lost more than 20% of the value it began the day with.


More Pain To Come For OP Holders?
While it does seem that OP sellers are starting to tire out, the bearish case for the altcoin continues. This is because the $600 million unlock was only the first unlock for core contributors and investors, meaning VCs and others.
Data from Token Unlocks shows that Optimism has another token unlock coming up at the end of June for a total of 24.15 million tokens. This means that a month from now, another $34.5 million worth of tokens will be unlocked. This 0.562% of supply may be smaller than the 9% unlock that took place in May but it will put selling pressure on the token nonetheless.


At the time of writing, the coin is down 10% on the daily chart and 33% on the monthly chart. OP’s price has now fallen to $1.37, a price level that has not been seen since January. This is a 50% decline from its 2023 highs.

If the bulls fail to recover OP’s price this week, then it could fall below the $1.3 support. A fall below this level would be detrimental to holders as the next likely support for the digital asset would sit at $1.2, prompting a further 10% drop.



Optimism (OP) has been one of the hardest-hit cryptocurrencies over the last week as bearish sentiment around the coin rose rapidly. The reason for this was a massive amount of OP tokens that were unlocked this week, leading to significant buy pressure on the digital asset. However, the bearish t...

Optimism Crashes 33% Following Token Unlocks, Why There Could Be More Pain To Come

A remarkable development occurred this week as a tentative deal was made to address the US debt crisis, adding some degree of optimism to the top 5 cryptos expected to rally in the market this week.
United States President Joe Biden and top congressional Republican Kevin McCarthy made a compromise to suspend the $31.4 trillion debt of the US government. This has led the broader financial market to become bullish with major indices gaining ground. 
Thanks to the debt ceiling agreement, the cryptocurrency market is currently enjoying a favorable period. According to CoinGecko, the total market cap of crypto increased by over 2% in the past 24 hours, pulling the entire market upward. 
Meanwhile, these cryptocurrencies have the most potential to bring more gains for investors amidst the current market environment. 



Top 5 Cryptos Set To Increase This Week Amid US Debt Ceiling Deal
NEO 
NEO has been one of the top 5 cryptos in the past weeks. Coingecko data shows the token flashing green in all timeframes, with NEO up nearly 20% in the past two weeks. This came after Neo’s partnership with Alchemy Pay enabled consumers to buy crypto with their preferred local fiat currency. 
At the time of writing, the bulls managed to flip the $10.21 resistance to support. Thus, investors and traders should try and hold this support level at all costs. With the bulls left exhausted after a major price movement, we might see NEO oscillate on this support before targeting $13.5 in the coming days or weeks. 
IOTA 
IOTA is enjoying the market’s bullishness, presenting impressive gains for investors. The latest market data shows that the token in our top 5 cryptos roster is up 14% in the weekly timeframe, becoming one of the biggest gainers. Its current price action was enabled by a recent meeting between IOTA Co-Founder, Dominic Schneider, and UAE Minister of State for Foreign Trade, Dr. Thani Zeyoudi to discuss how the IOTA blockchain can help the country’s digital ecosystem. 



IOTA bulls are currently exhausted as a result of strong push in the past few days. However, the current market environment allows investors and traders to target $0.27689 in the coming weeks. If the bulls are successful in flipping this resistance level, the token’s path to higher gains will be opened. 
ARB 
Arbitrum (ARB) is on the third spot in today’s top 5 cryptos list. Its governance token, ARB, is up more than 11% since last week. Recent on-chain developments on Arbitrum contributed to the broader bullishness found in the market. 

Happy weekend Arbinauts! We are back with The Weekly Arbinaut
For our 5th edition, we highlight developments, ecosystem spotlights, and welcome exciting projects launching on Arbitrum this week! 
Let’s dive in!  pic.twitter.com/kQKTeETFVC
— Arbitrum (,) (@arbitrum) May 27, 2023

ARB is currently on an upward trajectory that puts it directly in front of the $1.31 resistance. Flipping this resistance level to support will open a path to higher highs in the coming days and weeks. However, investors and traders should be cautious as any drop will put the token’s gains in danger. 
HT
Huobi has continually battled for market share dominance in the centralized exchange market. Recently, the exchange released a weekly report, showing that users and traders on the platform continue to grow even as the market corrected itself. This made HT one of the biggest gainers in the market with an impressive 12% gain. 

#Huobi $HT Weekly Report:
133,000+ New Users Gained
140,000+ Weekly Active Traders
1,406,000+ $USDT Community Rewards
 Lock HT with PrimePool Launched!
— Huobi (@HuobiGlobal) May 28, 2023

Investors of HT should exercise caution at the moment. The token’s recent price actions make it a prime target for the bears. Holding the token’s current support at $2.8 in the coming days will be crucial for investors to continue targeting the $3.7 resistance. 
INJ
Wrapping up today’s top 5 cryptos list is Injective (INJ). With Injective’s Avalon Mainnet Upgrade to occur this week, INJ is on its way toward higher gains. According to Coingecko, the token is up nearly 16% in the past two weeks, becoming one of the biggest gainers in the market. 

The Avalon Mainnet Upgrade has been initiated to bring you the most powerful version of Injective to date.
The gov proposal is active and the upgrade scheduled to occur later this week.
 L1 scalability optimizations
 Sub-Second Block Times
 PoS delegation revamp
— Injective  (@Injective_) May 28, 2023

At the time of writing, INJ bulls are trying to settle above the $6.895 support. If this support level holds, it will enable INJ to target a higher price. Thus, consolidation on this level is a must before following through with a bigger upward swing. 
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk)
-Featured image from Outlook India


A remarkable development occurred this week as a tentative deal was made to address the US debt crisis, adding some degree of optimism to the top 5 cryptos expected to rally in the market this week. United States President Joe Biden and top congressional Republican Kevin McCarthy made a compromis...

bitcoinist.com

Top 5 Cryptos Poised To Rise Amid US Debt Ceiling Deal

Optimism developers plan to unlock 386 million OP tokens with a value of over $587 million. This token unlock event will occur on May 31, 2023, marking the end of the initial vesting period. 

The event will increase the circulating supply of OP tokens by over 100%. Analysts opine that the upcoming unlock event might affect OP’s price negatively.
OP Price Might Dip As Early Investors Cash In
Token unlocks in the crypto market are scheduled events that release early investors’ locked tokens after freezing them for a specific period. 
Crypto communities use token locks to avoid large asset sales in low liquidity periods. Selling during these periods could have an impact on the price of the token. 
But these events increase the number of tokens in circulation, creating an imbalance between demand and supply. 
Regarding OP’s upcoming event, a research firm, Unlock Calendar, believes there is a probability that the Optimism Unlock event could create significant sell pressure for OP tokens.
This is because the early investors whose tokens were frozen have earned some returns on their investment and might decide to cash in their profit. 
According to data from CryptoRank, early investors in Optimism at the seed round, Paradigm, and IDEO, realized over 10,000% of their original investment. Andreessen Horowitz (a16z) is another investor with major holdings in the project acquired at the seed round. 
Notably, Optimism previously held two airdrop events to distribute OP tokens. The first airdrop occurred on June 1, 2022, with OP tokens distributed among nearly 250,000 wallet addresses belonging to early members of the ecosystem.
The next airdrop occurred on February 9, 2023, with over 11 million tokens distributed among 307,000 unique wallet addresses. These airdrop events led to increased trading activity at the time of distribution. 
Optimism Plans to Improve Efficiency With Upcoming Bedrock Upgrade
The Optimism Bedrock upgrade is slated for June 6, 2023, and promises much-needed improvements in the ecosystem. 
Optimism is a Layer 2 (L2) scaling solution built on Ethereum’s network, thus similar to this blockchain, but with much better performance and scalability. 
However, the bedrock upgrade promises lower transaction fees, better network security, and increased compatibility with Ethereum.

Optimism’s team informed the public on May 15 that the network would experience downtime between two to four hours during the upgrade. 
During this time, deposits, withdrawals, and other transactions will be unavailable. The upgrade will reduce transaction time from ten minutes to three minutes to confirm deposits. 
Meanwhile, OP price is $1.52 at press time, down by over 6% within 24 hours. But OP’s trading volume is up by 43.12%, reflecting increased trading activities for the token today. 

Hopefully, the upcoming Optimism Upgrade might affect its price performance when it concludes, but it largely depends on traders’ sentiments.
Featured image from Pixabay and chart from Tradingview.com


Optimism developers plan to unlock 386 million OP tokens with a value of over $587 million. This token unlock event will occur on May 31, 2023, marking the end of the initial vesting period.  Related Reading: BREAKING: Bitcoin Mining Industry Spared From 30% Tax In US Debt Ceiling Deal The event ...

Market Anticipation Builds As Optimism Plans To Unlock $587M Worth Of OP Tokens

Ethereum scaling protocol Optimism is gearing up for a planned token unlock scheduled for May 31st.
As such, over 386 million OP tokens, worth more than $587 million at the current price, will be released, which represents 9% of the total supply.

The upcoming event also marks the first unlock for core contributors and investors, which is scheduled exactly a year after the native token was launched.


Optimism will unlock 9% of total $OP supply tomorrow
This is the 1st unlock for core contributors & investors
At current token price, potential selling pressure ~$600M pic.twitter.com/g7sg1vXMkM
— Token Terminal (@tokenterminal) May 29, 2023


Optimism’s second major airdrop went live on February 9th this year, wherein it distributed more than 11 million OP tokens to 307,000 unique addresses. The price of the OP dropped shortly after the fact.
The influx of tokens into the open market this time around could lead to heightened selling pressure and trigger a potential downward price movement as well.
It is also important to note that early OP investors are currently sitting on considerable gains. Hence, if this cohort of holders starts offloading their tokens for quick gains, such a move could further contribute to the selling pressure.
OP has been trading under tremendous pressure already and was down by over 30% in the past month. Leading up to the event, OP slipped to $1.52 after falling by more than 6% over the last 24 hours dragging the asset to a four-month low.
The scaling protocol’s TVL also witnessed a drawdown of 21% since establishing an all-time high of $2.18 billion in mid-April to the current $1.72 billion.
Despite these setbacks, Optimism’s surpassed its rival Arbitrum in terms in terms of revenue generation this month.
Meanwhile, Optimism is set to undergo its highly anticipated Bedrock upgrade on June 6 at a time when competition in the layer 2 space has been heating up. This move is expected to bring in reduced transaction fees, and offer greater network security, and improved compatibility with Ethereum.

The post Optimism Braces for $587M OP Token Unlock Amid Dwindling Price appeared first on CryptoPotato.

The event will nearly double the circulating supply of OP tokens.

Optimism price	$1.50
Low - High 24H	$1.43 - $1.49
Market cap	$962.34M
Volume 24H	$102.13M
All time high	$3.22 -53.63% February 24th 2023
All time low	$0.402159 271.64% June 18th 2022
Genesis date	N/A

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