OPX Finance token soars 182% in 24 hours: Here’s why

OPX Finance token soars 182% in 24 hours: Here’s why

By Benson Toti - min read
  • Optimism tokens soar after Coinbase news helps inject fresh buying pressure.
  • OPX, VELO and SONNE all spike, with OP also up double digits.
  • Coinbase has launched an Ethereum scaling solution dubbed Base.

OPX Finance (OPX) is one of the tokens to absolutely rip following the latest cryptocurrency news involving the blockchain platform Optimism.

According to data from CoinGecko, the native token OPX has skyrocketed 182% in the last 24 hours, with the decentralised finance ecosystem platform one of the Optimism-based tokens to experience sharp price gains starting Thursday.

As noted here, all that has to do with fresh momentum resulting from news released by major crypto exchange Coinbase. See, on 23 February, the US-based digital assets platform announced the launch of Base, a Layer 2 blockchain that the company said would leverage Optimism’s OP stack.

It is the news of Base, the new Ethereum L2 scaling solution by Coinbase, which saw buying pressure across multiple Optimism ecosystem tokens rise to new levels. And in turn, the ecosystem saw sharp price gains that have contrasted with the sideways action for most top coins.

OPX token leads sharp gains for Optimism ecosystem tokens

As highlighted above, OPX Finance’s governance token OPX is one of the coins to rally hard after the Coinbase announcement. But the token’s price was also helped by news of a successful burn involving 15,200 OPX.

As per CoinGecko data at 6:00 am ET on Friday, OPX price had jumped nearly twofold to push the token’s value from lows of $4.78 to highs of $8.58. The token was 182% up at the time of writing, with its price oscillating near $7.89 amid some profit booking.

Other tokens to see major gains amid the Base L2 launch include Sonne Finance (SONNE). The lending protocol is native to the Optimism ecosystem and its token jumped nearly 90% to highs of $0.44.

DEX platform Velodrome Finance also saw double digit gains, with the price of VELO up more than 20% in the past 24 hours to trade above $0.22.  Meanwhile, perpetual-focused DEX protocol Perpetual Protocol’s native token PERP soared 44% to hit a high of $1.26.

Several other Optimism ecosystem tokens saw increased buyside pressure, and are currently trending alongside OP, which as highlighted, came close to hitting a new all-time high amid the Coinbase news.