Main notes
- Wine financing closes its operations due to financial problems.
- Lina token was recently removed by Binance.
- Wine financing said that its financial model has become not sustainable over time.
Linear financing, a central invisible protocol that enables the creation of instant artificial assets, announced its official decision to stop the operations.
This unexpected development was shocked by the Defi community, which led to sharp sales in the original symbol, LINA, which has decreased by 25 % over the past 24 hours.
At the same time, according to Data from DeviliaThe closed total value (TVL) of the protocol was destroyed to only 79,521 dollars, as it dramatically decreased from peak levels of more than $ 32 million.
The collapse of linear financing
In an official statement, linear financing confirmed that it is fighting to generate sustainable returns over the years, despite the initial profitability period after its launch in 2019-2020.
The financial model of the project, which relied on personal contributions from the project owner and symbolic filters, has become not sustainable over time.
The final strike came from the last Binance decision to refute Lina Token, who spent 65 % of the market value.
This deletion greatly reduced the project runway, leaving linear funding without any option but closing.
Market reaction and Lina's price declined
After this announcement, the price of Lina has taken a sharp diving, as it was currently trading at $ 0.0005036, which represents a 25 % decrease in the past 24 hours, According to CoinmarketCap data.
The TOKEN market is now 5.03 million dollars, while trading volume increased 24 hours by 34.76 % to $ 54 million, indicating panic sales.
Technical indicators indicate more momentum of Lina. The RSI index (RSI) is 22.45, in the depths of the sales region, indicating severe selling pressure with little immediate recovery signs.
Bollinger Bands (BB) shows that the price is close to the bottom domain ($ 0.00035), indicating a strong declining momentum and no benefit to buy at the current levels.
Failure to keep over this low BB can lead to another huge emptying of the icon symbol.
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Slip: Coinspeaker is committed to providing unbiased and transparent reports. This article aims to provide accurate and timely information, but it should not be considered financial or investment advice. Since market conditions can change quickly, we encourage you to check your information and consult with a professional before making any decisions based on this content.
Part, an encrypted journalist with more than 5 years of experience in this industry, with the main media in the world of encryption and financing, gathered experience and experience in space after survival in the bear markets and bull over the years. Part is also the author of the book 4 books published self.