Linea value fell greater than 25% right now, Sep. 11, erasing hundreds of thousands of {dollars} in worth as its extremely anticipated airdrop dissatisfied.
Abstract
- Linea coin value crashed after the extremely anticipated airdrop.
- Key metrics, reminiscent of decentralized finance TVL, reached a file excessive.
- Different customers like stablecoins, charges, and energetic customers have all soared.
Linea token dropped to a low of $0.0232, down from the post-listing excessive of $0.0466. Its 24-hour quantity stood at $511 million, a lot larger than the present market capitalization of $357 million.
Linea value crashed as key metrics hit an all-time excessive
The continuing Linea coin slide occurred at the same time as its metrics superior to file highs. Nansen knowledge reveals that the variety of energetic addresses elevated by 240% prior to now 7 days to 556,124.
Equally, the variety of transactions rose by 111% to 2.46 million, making it the third-fastest-growing chain after Somnia and Starknet. This development pushed charges up by 1,115% to $810,000.
These numbers point out that Linea (LINEA), launched by Consensys, has robust community utility. Most significantly, DeFi Llama knowledge reveals that the full worth locked within the ecosystem spiked to a file excessive of $1.76 billion, up from the year-to-date low under $150 million.
Many of the ecosystem development was pushed by Aave, the lending protocol whose belongings have superior to $971 million. Renzo, a liquid staking platform, has seen its belongings leap by 326% within the final 30 days to $352 million. Etherex, Euler, and ZeroLend are the opposite prime dapps within the ecosystem.
In the meantime, the full provide of stablecoins within the ecosystem has jumped to a file excessive of $296 million. Circle’s USD Coin provide in Linea has jumped to over $201 million, whereas Tether has soared to $94 million.
Why the Linea coin plunged after the airdrop
Linea value crashed after the extremely profitable airdrop that noticed it listed by a number of the prime exchanges like OKX, Bybit, Bitget, and Bybit. This plunge, which mirrors that of different newly launched tokens, occurred as a number of the airdrop recipients offered their tokens.
Typically, airdrop recipients promote all or a few of their cash to take income and diversify portfolios. Historic knowledge on many tokens present that they rise to file highs after the airdrop after which plunge afterward.
Linea value will doubtless proceed falling as promoting strain accelerates. Nonetheless, the token could begin rebounding, probably as a dead-cat bounce. A latest instance is Spark (SPK), whose token plunged from $0.0662 to $0.029 after its airdrop after which soared by 567% thereafter.
