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Optimism’s OP Token Jumps Ahead of a16z Project Announcement
Traders anticipated Andreessen Horowitz's plans to build a scaling product on top of Optimism.
Updated Apr 19, 2023, 5:51 p.m. Published Apr 19, 2023, 5:14 p.m.
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Optimism’s OP token recovered from early Wednesday's broad market sell-off amid news that venture-capital firm Andreessen Horowitz, which is also known as a16z, plans to build a "stack rollup" – a type of scaling product – on the blockchain.
The token was trading at $2.66 midday Wednesday, a 5% bump up from its 24-hour low. Most of the Wednesday rally immediately preceded Andreessen Horowitz's announcement at 10:49 am ET. OP had already rallied Tuesday on traders' speculation of an a16z deal before giving back its gains – and then some – alongside sizable declines in the broader cryptocurrency markets.
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