Linear Finance Suspends Operations as LINA Token Drops 25%
Linear Finance has announced the cessation of its operations due to difficulties in generating sustainable returns. This decision has led to a 25% drop in the price of its native token, LINA, which now trades at $0.0005036.
- The total value locked (TVL) in the protocol has decreased to $79,521 from over $32 million.
- Linear Finance's financial model became unsustainable over time, relying on owner contributions and token liquidations.
- Binance's delisting of LINA resulted in a 65% market capitalization loss, prompting the closure.
- LINA’s current market cap is $5.03 million with a 24-hour trading volume of $54 million, reflecting panic selling.
- Technical indicators reveal further bearish momentum, with an RSI of 22.45 indicating extreme selling pressure.
- Bollinger Bands show the price nearing the lower band at $0.00035, suggesting potential for further declines.