OP bulls step up dominance as Optimism social activity rises

ambcrypto.com:

According to Lunar Crush, Optimism [OP] ranked as the highest asset with the most social activity as the market shoved itself into bullish dominion.

The native token of the layer two (L2) protocol had formerly experienced the red side of the decentralized money market. This led to a 6.31% seven-day decline.

Source: LunarCrush

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Now, its position on the social intelligence platform means that the insight from millions of conversations puts Optimism in a positive light.

As a result, OP became one of the best-performing cryptocurrencies in the last 24 hours.  At press time, the token was up by 22.02%.

An assessment of the derivatives market showed that traders were taking advantage of the uptick. First, Coinglass data revealed that the futures Open Interest (OI) was unusually high across almost all exchanges. 

The OI represents the number of futures contracts held by market participants during a trading day. With double-digit increases in this regard, it means that traders were solidly behind the OP price action.

Source: Coinglass

Further proof of the traders’ interest in the token was shown by the liquidation data. This was because OP hardly recorded liquidations in millions of dollars in recent weeks.

But at the time of writing, the market wipeout closed at $4.73 million on 12 March. Expectedly, shorts experienced most of it.

Meanwhile, the OP network realized profit and loss dropped to -1.55 million on 11 March. However, the jump in price seemed to have helped with recovery. As of this writing, the metric was 4480.

The metric computes the average profit or loss of an asset within a daily timeframe. So, the spike OP holders, on average had made