Coinbase’s Base Exits Optimism, Triggers 23% Crash To New All-Time Low
Optimism (OP) price crashed 23% to a new all-time low following Coinbase's Base network announcing its exit from the Optimism OP Stack.Summary
The price of Optimism (OP) plummeted 23% in 24 hours, hitting a new all-time low of $0.140 due to intense selling pressure exacerbated by weak liquidity and deteriorating sentiment.
The crash accelerated after Coinbase's Layer-2 network, Base, confirmed it is developing its own technology stack instead of continuing to use the Optimism OP Stack, removing a major ecosystem catalyst.
Despite the sell-off, whale addresses have accumulated 60 million OP tokens over the past month, suggesting long-term conviction, though broader market weakness limits this support. Derivatives data shows significant bearish positioning, with short exposure near $7.9 million, indicating traders are positioned for further downside, with the next potential support level at $0.119 if the $0.140 level breaks.
(Source：BeInCrypto)