Major note
- Closing its operations due to linear finance financial troubles.
- The Leena Token was recently removed by Benance.
- Linear finance stated that its financial model became unstable over time.
Linear finance, a decentralized protocol that enables quick construction of synthetic assets, has officially announced its decision to prevent operation.
This unexpected development has shocked the DEFI community, triggering a sharp sale in its original Tocaine, Leena, falling to 25% in the last 24 hours.
Meanwhile, according to Difilama dataThe total value of the protocol has crashed by only $ 79,521, which is significantly below the peak of above $ 32 million.
Decline of linear finance
In an official statement, Linier Finance confirmed that despite the early period of profitability after the launch in 2019-2020, it had been struggling to generate permanent returns over years.
The financial model of the project, which was unstable over time, was unstable over time.
The final blow came to remove Lina tokens from the recent decision of Binenns, which wiped out 65% of her market capitalization.
The delay significantly reduced the project operating runway, leaving linear finance without any option.
Market response and Leena price dipped
After the announcement, Leena’s price has made a standing dive, currently trading at $ 0.0005036, marked a 25% decline in the last 24 hours, According to coinmarketcap data,
The market cap of the token is now $ 5.03 million, while its 24-hour trading volume rose by 34.76% to $ 54 million, indicating panic-powered cell-offs.
Technical indicators indicate further recession speed for Leena. The relative power index (RSI) is at 22.45, deep in the oversold area, suggests extreme sales pressure with little immediate signs of recovery.
Bollinger bands (Bibi) suggest that the price is close to the lower band ($ 0.00035), which indicates a strong downward speed and lack of interest buying at existing levels.
Failure to keep this lower Bibi can be another massive dump for Leena tokens.
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Disclaimer: CoinSpeaker is committed to providing fair and transparent reporting. The purpose of this article is to provide accurate and timely information, but it should not be taken as financial or investment advice. Since the market situation can change rapidly, we encourage you to verify the information on your own before taking any decision on this material and consult a professional.
A Crypto journalist, Parth, has worked with Crypto and major media outlets in the finance world with more than 5 years of experience in the industry, collecting experiences and expertise in space after being survived by bears and bull markets over the years. Partha is also the author of 4 self-published books.
