Trading | Optimism flies higher as Coinbase leverages its tech

Optimism flies higher as Coinbase leverages its tech

The price of the optimism token increased to $3.095 as Coinbase unveiled its Base layer 2 solutions based on the Op Stack technology.

Coinbase and Optimism

At the time of publication, the price of optimism {OP} soared 22% to a high of $3.095 — a 15-day high.

The daily candle now has a top wick that is pretty long, thanks to profit-taking. Nonetheless, year-to-date gains at the present price stand at 218%, a vast increase over the 45% gains observed in the market leader bitcoin.

On Feb. 3, OP’s price was at its all-time high. On Feb. 8, a second rejection occurred, this time at a slightly lower price of $3.209, highlighting the area that bulls must conquer.

On Feb. 23, crypto firm Coinbase announced the launch of Base, an Ethereum layer 2 that runs on the Optimism chain.

Optimism flies higher as Coinbase leverages its tech - 1
OPUSDT | Source: Tradingview

The exchange used a blue circle and the words “2.23.23” to foreshadow an announcement earlier, sending Crypto Twitter into a speculative frenzy.

In a joking post, Adam Cochran mentioned an airdropped Coinbase coin that was supposed to revive the market from its present slump.

“We’re pooling a piece of it and making a huge bronze statue of Armstrong with an extra-shiny bald head and sending it to their office,” said the group if a Coinbase coin airdropped to customers ended up saving the market.

Coinbase did not make their Base layer 2 solutions public until Thursday at noon UTC. The Base will use Ethereum as the native gas token rather than incorporating a token, according to the company.

Optimism responded to the report by stating that Base runs on its OP Stack design, a modular, open-source program that is incredibly scalable and interoperable. A portion of the Basic transaction costs could be collected by optimism.

Additionally, Optimism added that adding Base is another step in the direction of the “Superchain” dream.

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