Optimism token is a layer 2 scaling solution that works to improve the scalability and sustainability of the Ethereum platform.
It is a means of governance for the Ethereum platform that ensures increased security and scalability of Ethereum in a cost-effective manner.
Users can perform all the activities that they perform on Ethereum such as buying, selling, and minting Non-fungible tokens (NFTs), interacting with decentralized finance networks, etc on Optimism but in a much cheaper manner.
In this article, you will read more about this innovative and cheaper alternative of Ethereum, and understand the market trends that will determine its profitability in the future.
Optimism (OP): What is it?
Optimism is a community-centered ecosystem that identifies and rewards those companies and entities that contribute to the public good.
It works on open-source code, which aids the developers in easily contributing to the platform’s development and innovation.
You can also use Optimism to store and transfer your crypto assets from one wallet to another.
Optimism token is an attempt to develop the Ethereum platform into a scalable, equitable, and decentralized digital infrastructure.
It has a unique feature called Optimism Collective, which governs the affairs of various companies and domains through community-driven values and guidelines.
The Optimism Collective works by rewarding the achievements of various companies in the field of community development during their pursuit of individual profit attainment.
Optimism (OP): How does it Work?
Optimism works on the principle of Optimism Rollup Protocol. This protocol is seminal in ensuring that the scalability and security of the Ethereum platform are improved combined with the increased growth potentials of the blockchain.
The Optimism Rollup publishes new and updated data about Ethereum wherever a technical update happens.
Optimism’s obsession with preserving the integrity of data proves good for the Ethereum platform by reducing transaction costs and streamlining the production processes.
Optimism promotes inclusivity and fairness of transactions through its unique initiative Retroactive Public Goods Funding. It funds projects and initiatives that promote the development of the ecosystem through inclusive strategies.
The various initiatives of Optimism work harmoniously to ensure the scalability, security, and sustainability of Ethereum to develop it into a reliable decentralized digital ecosystem.
What Is An OP Token?
OP token is the native token of Optimism. It is used by the traders and to conduct transactions on the platform.
OP token makes its users eligible to govern the decision-making process conducted on the platform. Given below are some of the important figures to consider before investing in OP tokens.
- The market capitalization of OP is $ 2,989,052,832
- Its 24-hour trading volume is $ 445,790,929
- Its circulating supply is 1,045,379,867
- Its maximum supply is 4,294,967,296
Optimism (OP) price prediction (2024–2030): What is the Outlook?
The current price of the OP token is $ 2.89. The market trends are favorable for this token, and in 2024, there will be a price rise of 225% with the price reaching $ 9.54 by June 2024. This is a sign of hope to those who are planning to invest in Optimism.
The expected high price of Optimism for the years 2025–2030 is given below.
- 2025 – $ 13.72
- 2026 – $ 7.72
- 2027 – $ 5.46
- 2028 – $ 9.26
- 2029 – $ 18.25
- 2030 – $ 11.73
Optimism has a volatility of 12.80%. If the current market trends persist, the price of Optimism is predicted to reach $ 100 in 2048, with a price rise of 3369.49%.
According to the technical analysis indicators, Optimism has a neutral sentiment with 17 technical analysis indicators showing bullish signs and 10 technical analysis indicators showing bearish sentiments.
The Fear and Greed Index of Optimism is 48, placing it in the neutral zone.
The 50-day Simple Move Average (SMA) is $ 3.05 and the 200-day SMA is $ 2.78, which shows a fairly profitable price in the future.
The Final Verdict: Is Optimism a Profitable Investment?
As you might have understood from the price predictions mentioned above, Optimism is a profitable buy in 2024.
In 2025, Optimism is predicted to rise by 375.49% and reach $ 13.72. In the following years, there is a chance that the prices will not rise much, but by 2030, the price is set to rise by 306.37% and reach an upper limit of $ 11.73.
The price of Optimism is slightly volatile, and therefore, investors should thoroughly consider the market trends before investing in Optimism.
