Base Ditches Optimism, OP Token Plunges 23% to New Low
Reports that Base is moving away from Optimism have triggered a sharp sell-off in the OP token, which fell about 23% in the past 24 hours to a new low as of Feb. 19, 2026. Market participants say heavy selling pressure has overwhelmed recent buying interest, accelerating a decline that had already left OP vulnerable. The drop wiped out short-term support levels and increased volatility across Optimism-related markets.
The development matters because Base is one of the more influential Ethereum Layer 2 ecosystems; any formal distancing could reduce demand for OP’s utility and governance roles and intensify competition among L2s. Traders and on-chain analysts will be watching liquidity flows, exchange order books, and statements from Base and Optimism for signs of stabilization or further capitulation. Until clearer guidance appears, volatility and downside risk for OP are likely to remain elevated.