Blockchain insights platform Santiment is pointing out anomalies recorded on one under-the-radar crypto asset after it recently rallied to a local top.
Santiment says that the Ethereum (ETH) scaling solution Optimism (OP) recorded a bump in price just as the transaction volume of Tether (USDT) and USD Coin (USDC) on the layer-2 blockchain was surging.
“Optimism saw a massive spike in transaction volume of stablecoins on its blockchain, just as OP hit its local top last week.”
According to Santiment, the transaction volumes of USDT and USDC increased by over 99,000% on Optimism in unexplained circumstances at the time.
“Average USDT or USDC transaction volume on Optimism is less than $10 million. The anomaly above skyrocketed both to above $1 billion.
Liquidity mining? Washtrading?”
Santiment says that on the day the abnormal increase in stablecoin transaction volume on Optimism was witnessed, the token velocity was extremely high but no anomalies were detected in the number of active addresses.
“Velocity was super high around that day.
Active addresses? No anomalies in active addresses, only a healthy trend.”
Token velocity is the average number of times that a crypto asset changes hands over a given period.
According to Santiment, the anomaly in Optimism’s transaction volumes coincided with the scaling solution hitting a local top when paired with Bitcoin (BTC).
“It also coincided with a top of OP price against BTC and maximal bullishness in crowd.
There is probably some connection, we just don’t know which one. Do you?
Keep an eye on Optimism, there are a lot of things going on.”
Featured Image: Shutterstock/ASTA Concept/LongQuattro