Is Optimism Going to Zero? OP Price Drops 4%, While Experts Are Stocking Up On This New GambleFi Token

Is Optimism Going to Zero? OP Value Drops 4%, While Experts Are Stocking Up On This Unusual GambleFi Token

The native token for Ethereum Layer 2 scaling solution Optimism (OP) has fallen 4% in the last 24 hours amidst a market-wide pullback that has hit Layer 2 tokens the hardest.

Optimism at point to trades at a designate of $2.39. Here is down about 1% in the last hour. It also represents a 3.7% dip both in the last 24 hours and in the last seven days, based on data by CoinGecko.

The token is 7.2% more precious than it was this time last week. Alternatively, this day’s designate represents a steep tumble of 35% from a month ago.

Zooming out to the remainder of the market, crypto’s total market capitalization this day is a lofty $2.39 trillion, which represents a tumble of about 1.6% in the last 24 hours.

As extra special, the market is tracking the price movements of its leading coins. Fashioned cryptocurrency Bitcoin (BTC) is the ideal cryptocurrency with a market cap above $1 trillion ($1.2 trillion, to be true). Within the last 24 hours, it fell 0.8% and at point to trades at $61,760.

It’s closest competitor, the most commercially-vital cryptocurrency, Ethereum (ETH), faced markedly heavier losses. ETH fell 3.8% overnight and at point to adjustments fingers at $3,050.

Optimism and Other Layer 2 Solutions Dip Hardest At present

Optimism’s heavier depreciation is matched by other leading layer 2 alternate suggestions this day. Polygon (MATIC) fell 4.3% overnight to alternate at $0.6735. Stacks (STX) dipped 2.1% to $2.33, Mantle (MNTL) shed 5.4% to $0.9762, and Arbitrum (ARB) misplaced 3.9% to $1.02.

The likelihood-off perspective kickstarting this week could presumably maybe maybe very successfully be down to traders’ jitters over this week’s Federal Reserve assembly.  The U.S. central bank has given indications that it could perchance presumably maybe maybe reduction interest charges increased for longer, which means traders are more vulnerable to take likelihood-averse positions to speculative investments admire crypto.

Optimism’s trading chart for the last three months presentations a gradual 50% depreciation for the reason that token posted an all-time high of $4.84 on March 6 this twelve months amidst a market-wide rally. With a Relative Strength Index (RSI) of 35 and falling, there’s vulnerable to be further losses this day as the small overnight sell-off continues.

As Layer 2’s Tumble, Mega Dice Rolls On

As crypto adoption continues apace, Layer 2s are turning into more of a safer investment. So a long way, Ethereum dominates 63.42% of the market with over $54.3 billion in total designate locked (TVL) on the blockchain.

Alternatively, Layer 2 protocol tokens are closely tied to the fate of their chief, Ethereum. On a factual day, Layer 2 tokens upward push in tandem, and vice versa, as we can ogle this day.

One sector that’s getting more of a scrutinize-in at the second is the enviornment of GambleFi. Investors that want a head originate on Web3’s most up-to-date enhancements early are more vulnerable to search out heady upside doable in tokens hooked up to crypto-integrated iGaming platforms, admire Mega Dice.

The Mega Dice ($DICE) presale is barely a fortnight veteran and it has already taken $600,000 in investments, based on the token’s web living.

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— Mega Dice Casino (@megadice) April 29, 2024

As the platform’s native token, gamers can utilize $DICE to fund games and come by price, with some games requiring the token. Doing so will salvage them a form of advantages down the road.

That’s because Mega Dice will combine the token into the casino’s loyalty program, offering more generous rewards to avid gamers who play with the native token. $DICE could presumably also release salvage right of entry to to uncommon competitions and VIP experiences.

The team has also mentioned there’s a buyback and burn program on the horizon. This means Mega Dice will periodically buy a pair of of the tokens and take away them from circulation to abet reduction them scarce and force designate.

Distinctive? Aid up up to now with Mega Dice news over on X/Twitter and Telegram.

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Disclaimer: Crypto is a high-likelihood asset class. This text is supplied for informational functions and does no longer characterize investment advice. You would possibly presumably maybe maybe presumably lose your entire capital.

Source : cryptonews.com