OP's social dominance rallies to a 3-month high

Optimism's [OP] social dominance currently sits at its highest level in the last three months. The surge in the layer 2 token's social activity was due to the launch of Base by cryptocurrency exchange Coinbase on Thursday.

Source: Sanbase

Base is a layer 2 network that was built using Optimism's OP Stack. Coinbase, on Thursday, announced that it was joining Optimism as a core developer on the open-source OP Stack.

Following this announcement, OP'r price immediately jumped by 7%. In fact, in the last 24 hours, its price was up by 13%, making it the crypto asset with the most gains in the last 24 hours, according to data from CoinMarketCap.

The surge in OP's social dominance, accompanied by an increase in its price and trading volume over the past 24 hours, could be seen as a positive indication. If the social dominance had experienced a surge without a corresponding rise in price, it would have been indicative of mere market hype, which is usually followed by a drop in price.

The token's set up on a daily chart also showed increased token accumulation. If this momentum is sustained, OP's price is expected to grow over the weekend.

Source: TradingView

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