Coinbase Just Crashed Optimism’s Layer-2 Token, Here’s How

Optimism has plunged to a new all-time low after intense selling pressure overwhelmed recent demand. OP price collapsed 23% in 24 hours, extending an already fragile downtrend. Weak liquidity and deteriorating sentiment had been weighing on the altcoin for weeks.

The decline accelerated after Coinbase’s Layer-2 network Base confirmed it is transitioning away from the Optimism OP Stack. Base announced plans to develop its own unified technology stack. The decision removed a major ecosystem catalyst, amplifying downside momentum.

Optimism Whales At Work

Despite the sharp sell-off, whale addresses continue accumulating OP tokens. Wallets holding between 1 million and 10 million OP have added 60 million OP over the past month. At current prices, that accumulation is worth approximately $8.43 million.

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This buying suggests long-term conviction among large holders. Whales often accumulate during capitulation phases to position for recovery. However, broader market weakness remains dominant. Macro uncertainty and reduced risk appetite have limited the impact of whale support on Optimism price.

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Derivatives data reflect persistent bearish positioning. The liquidation map shows OP contracts heavily skewed toward short exposure. Traders appear positioned to benefit from continued downside rather than a recovery attempt.

Short exposure stands near $7.9 million. This imbalance signals strong conviction among bearish participants. As long as futures traders defend downside momentum, rallies may face resistance from aggressive short selling and hedging activity.

OP Price To Continue Its ATL Journey

Optimism price is currently trading at $0.143 after forming a new all-time low at $0.140. The rapid breakdown highlights structural weakness. Selling pressure has remained steady following the Base announcement.

The altcoin has declined 61% from its 2026 peak. Technical indicators show little sign of stabilization. A sustained move below $0.140 would likely expose the next support at $0.119. Such a decline would deepen losses for recent buyers.

However, recovery remains possible if accumulation strengthens. If whale inflows begin to influence liquidity conditions, OP could attempt a rebound. Reclaiming $0.181 as support would invalidate the immediate bearish thesis and signal renewed confidence among investors.