Optimism (OP) Price Surges After Binance Announcement
- Optimism (OP) saw a 5% increase in price after Binance’s announcement
The price of Optimism (OP) rose by over 5% on Dec. 27, reaching intraday highs of $1.89.
This surge in price for the native token of the layer-2 blockchain network was driven by positive news from the community. Binance, the largest cryptocurrency exchange in terms of trading volume, announced its support for the upcoming network upgrade and hard fork of Optimism.
Binance Will Support the Optimism (OP) Network Upgrade & Hard Fork
👉https://t.co/LtO3AKJmZm— Binance (@binance) December 27, 2024
The network upgrade and hard fork for Optimism is scheduled for January 9, 2025, at 18:00 UTC.
Binance stated in an announcement, “Starting at approximately 2025-01-09 17:00 (UTC), Binance will suspend the deposits and withdrawals of token(s) on the Optimism (OP) network to support its network upgrade and hard fork to ensure the best user experience.”
Optimism Protocol Upgrade
The network upgrade for Optimism marks a significant milestone for the project, focusing on enhancing user experience, scalability, and performance. The protocol upgrade aims to promote interoperability and innovation within the OP ecosystem.
With Binance’s support, overall sentiment around Optimism has improved. Despite the changes and temporary suspension of deposits and withdrawals, trading of OP on the network will continue unaffected.
Binance will manage all technical requirements for the hard fork on behalf of its users and plans to resume deposits and withdrawals once the network stabilizes.
Although the current OP price is 61% below its all-time high of $4.84 in March 2024, recent upward momentum has led to a 15% increase in the token’s value over the past week.
