Blockchain insights platform Santiment is declaring anomalies recorded on one under-the-radar crypto asset after it lately rallied to a neighborhood prime.
Santiment says that the Ethereum (ETH) scaling resolution Optimism (OP) recorded a bump in value simply because the transaction quantity of Tether (USDT) and USD Coin (USDC) on the layer-2 blockchain was surging.
“Optimism noticed a large spike in transaction quantity of stablecoins on its blockchain, simply as OP hit its native prime final week.”
In accordance with Santiment, the transaction volumes of USDT and USDC elevated by over 99,000% on Optimism in unexplained circumstances on the time.
“Common USDT or USDC transaction quantity on Optimism is lower than $10 million. The anomaly above skyrocketed each to above $1 billion.
Liquidity mining? Washtrading?”
Santiment says that on the day the irregular enhance in stablecoin transaction quantity on Optimism was witnessed, the token velocity was extraordinarily excessive however no anomalies had been detected within the variety of energetic addresses.
“Velocity was tremendous excessive round that day.
Energetic addresses? No anomalies in energetic addresses, solely a wholesome development.”
Token velocity is the common variety of occasions {that a} crypto asset modifications fingers over a given interval.
In accordance with Santiment, the anomaly in Optimism’s transaction volumes coincided with the scaling resolution hitting a neighborhood prime when paired with Bitcoin (BTC).
“It additionally coincided with a prime of OP value in opposition to BTC and maximal bullishness in crowd.
There may be in all probability some connection, we simply don’t know which one. Do you?
Control Optimism, there are quite a lot of issues occurring.”
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