OP Token Surges 6% Amid Ether.fi Migration and Base Network Shift, Volatility Hits $96M Volume

OPUSDT has experienced notable volatility in the last 24 hours, with the price rising by 6.02% to $0.1250 on Binance, up from a 24-hour open of $0.1179. The price increase can be attributed to recent developments including Ether.fi’s migration of its Cash product to the OP Mainnet on February 19, which led to increased total value locked and improved sentiment, despite broader market headwinds and heavy selling pressure earlier in the week. Additionally, the announcement by Base network of its migration away from the OP Stack architecture on February 18 has impacted the Layer 2 ecosystem, contributing to fluctuations in market dynamics and trading behavior.

The OPUSDT market remains highly volatile, with substantial trading volume and significant intraday price swings; Binance reported a 24-hour volume of 96.14 million OP, while the current market capitalization is estimated between $786.34 million and $1.12 billion, with a circulating supply of approximately 4.187 billion OP.