Optimism (OP) Spikes 14% Following Coinbase Partnership

Optimism (OP) price has surged by 14% after Coinbase, one of the world’s largest crypto exchanges, joined the Optimism ecosystem.

Coinbase will work with OP Labs as a core developer to contribute to the Optimism Collective’s mission. It will also extend the OP Stack’s position as the most OverPowered public good in the game.

Optimism (OP) Price Surges 14% on Coinbase Collab

Optimism’s native token, OP, appears to be experiencing significant bullish momentum following the announcement of Coinbase’s entry into its ecosystem. The price of OP has surged by over 14% to reach an intraday high of $3.093. This sudden upswing helped the token break through a critical area of resistance, potentially paving the way for further gains.

On the daily chart for OP price, a symmetrical triangle formation suggests that if the altcoin can maintain support above the $2.937 level, it could confirm a bullish breakout toward $4.245. Still, it’s important to note that failure to maintain support above the crucial $2.937 demand barrier could invalidate this optimistic outlook. Breaching support could potentially lead to a retracement towards $2.727 instead.

Source: TradingView

Coinbase has launched a new L2 blockchain called Base, which is built on the OP Stack codebase. Base will commit a portion of transaction fee revenue back to an Optimism Collective treasury. The goal is to further the vision for a sustainable future where Impact = Profit.

The collaboration between Optimism and Coinbase aims to upgrade Optimism Mainnet, Base, and other L2s to an initial Superchain structure with shared bridging and sequencing. In the long term, the Superchain can become a sprawling network that maximizes interoperability, shares decentralized protocols, and standardizes its core primitives while funding public goods that enable it.

The partnership between Optimism and Coinbase is a significant milestone in the evolution of the crypto industry. It highlights the potential for collaboration between different players in the space. The development will likely have a ripple effect across the crypto market. Other players could be inspired to find new ways to collaborate and innovate.

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