Linea price fell more than 25% today, Sep. 11, erasing millions of dollars in value as its highly anticipated airdrop disappointed.
Summary
- Linea coin price crashed after the highly anticipated airdrop.
- Key metrics, such as decentralized finance TVL, reached a record high.
- Other users like stablecoins, fees, and active users have all soared.
Linea token dropped to a low of $0.0232, down from the post-listing high of $0.0466. Its 24-hour volume stood at $511 million, much higher than the current market capitalization of $357 million.
Linea price crashed as key metrics hit an all-time high
The ongoing Linea coin slide occurred even as its metrics advanced to record highs. Nansen data shows that the number of active addresses increased by 240% in the past 7 days to 556,124.
Similarly, the number of transactions rose by 111% to 2.46 million, making it the third-fastest-growing chain after Somnia and Starknet. This growth pushed fees up by 1,115% to $810,000.
These numbers indicate that Linea (LINEA), launched by Consensys, has strong network utility. Most importantly, DeFi Llama data reveals that the total value locked in the ecosystem spiked to a record high of $1.76 billion, up from the year-to-date low below $150 million.
Most of the ecosystem growth was driven by Aave, the lending protocol whose assets have advanced to $971 million. Renzo, a liquid staking platform, has seen its assets jump by 326% in the last 30 days to $352 million. Etherex, Euler, and ZeroLend are the other top dapps in the ecosystem.
Meanwhile, the total supply of stablecoins in the ecosystem has jumped to a record high of $296 million. Circle’s USD Coin supply in Linea has jumped to over $201 million, while Tether has soared to $94 million.
