Is Optimism Headed for Zero? OP Price Drops 4% as Experts Accumulate GambleFi Token
Optimism (OP), the native token for Ethereum Layer 2 scaling solution, has experienced a 4% decline in the past 24 hours. This drop is part of a broader market pullback that has particularly affected Layer 2 tokens.
Currently, Optimism is trading at $2.39, representing a 1% decrease in the last hour. CoinGecko data shows a 3.7% dip in the past 24 hours and the past seven days. However, compared to the previous week, the token has gained 7.2% in value. Despite this recent increase, the price has significantly dropped by 35% over the past month.
The overall cryptocurrency market capitalization stands at $2.39 trillion, with a 1.6% decrease in the past 24 hours. Bitcoin (BTC), the original cryptocurrency, remains the only coin with a market cap surpassing $1 trillion ($1.2 trillion to be exact). In the last day, Bitcoin fell by 0.8% and is currently trading at $61,760. Ethereum (ETH), Bitcoin’s closest competitor and the most commercially-important cryptocurrency, experienced more substantial losses, dropping 3.8% overnight and currently trading at $3,050.
Optimism is not the only Layer 2 solution facing depreciation today. Other leading Layer 2 solutions, such as Polygon (MATIC), Stacks (STX), Mantle (MNTL), and Arbitrum (ARB), have also experienced significant dips in their prices.
Investor sentiment this week may be influenced by apprehension surrounding the Federal Reserve meeting. The central bank has indicated a possibility of keeping interest rates higher for a longer period, leading investors to adopt risk-averse positions and avoid speculative investments like cryptocurrencies.
Analyzing Optimism’s trading chart for the past three months reveals a steady 50% depreciation since reaching an all-time high of $4.84 on March 6, 2024. The Relative Strength Index (RSI) currently stands at 35 and is declining, suggesting further losses as the small overnight sell-off continues.
As the adoption of cryptocurrencies continues to increase, Layer 2 solutions are becoming a safer investment. Ethereum dominates 63.42% of the market, with over $54.3 billion in total value locked on the blockchain. However, Layer 2 protocol tokens are highly influenced by the performance of Ethereum. On good days, Layer 2 tokens rise in sync, and vice versa.
One emerging sector attracting attention is GambleFi. Investors seeking early exposure to Web3’s latest innovations are likely to find promising opportunities in tokens associated with crypto-integrated iGaming platforms, such as Mega Dice.
Mega Dice’s presale, denoted by the $DICE token, has already attracted $600,000 in investments within a short span of two weeks. The native token allows players to fund games and receive payments, with certain games requiring the token. Holding $DICE provides various benefits, including enhanced rewards in the casino’s loyalty program, access to exclusive competitions, and VIP experiences.
The Mega Dice team has plans for a buyback and burn program, wherein tokens will be periodically purchased and removed from circulation to maintain scarcity and drive value.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. There is a risk of losing all invested capital.