The chart presented displays the ARBUSDT/OPUSDT pair, which has experienced a 26% increase (from low to high) over the past two days. A variety of factors could contribute to this notable performance, but supply and demand dynamics appear to be the most significant.
After Arbitrum’s airdrop, the majority of the selling pressure seems to have subsided. Notably, ARB’s supply will remain constant for nearly a year. Conversely, OP’s supply is expected to rise by 2.8 times within the next 50 days, causing the circulating supply to increase from 7.33% to 28% of the total supply. This increase translates to over $3B in potential selling pressure. Considering these dynamics, it makes sense that ARB is outperforming OP in this manner.
Despite the buoyant market conditions, it’s clear that token economics still carry weight.