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Optimism’s OP Token Bounces After a16z Project Announcement

Optimism’s OP token (OP) jumped nearly 6% Wednesday after venture capital firm Andreessen Horowitz (a16z) announced plans to build a stack rollup – a type of scaling solution – on the layer-2 blockchain.

The token is trading at $2.70 at publication time, up 1.6% over the past 24 hours and versus around $2.55 just prior to the announcement. Interestingly, the sizable move higher in OP began about 45 minutes prior to the 10:49 am ET post from a16z, according to data from Coinmarketcap.

It’s been a particularly volatile 18 hours for the token, which first saw a sizable jump on Tuesday evening on speculation a16z might be building a project on Optimism. The price retreated sharply overnight alongside sizable declines in the broader cryptocurrency markets.

(By Elizabeth Napolitano)

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