Optimism: New demand falls putting pressure on price

Leading Layer 2 (L2) network Optimism has seen a surge in unique users since the year started. However, this has failed to translate to any significant positive performance for its native token OP.

As of this writing, OP traded at $2.45, per data from CoinMarketCap. In fact, in the last month, while the rest of the crypto market recorded price upticks, OP posted a double-digit decline. Upon Silicon Valley Bank's collapse on 10 March, OP fell below the $2 price mark to trade at a low of $1.80.

Further, data from Sanbase showed a steep fall in new demand for the altcoin. After registering a daily high of 33,079 new addresses on 9 February, the count of new addresses involved in daily OP transactions since fell by 95%.