Linea Price faced a sharp fix after securing a list of multiple exchanges, including Binance and Bybit, as investors were locked in profits by selling airdrop tokens.
summary
- Linea Price has surpassed 50% of its release date high after securing multiple exchange lists.
- During the token generation event, 93.6 billion tokens were distributed to 749k wallets.
On September 10th, Linea, the native token of Ethereum Layer 2 scaling solution Linea, secured a list of Binance, Bybit, OKX and Bitget for top tier exchanges. Other major platforms that added support for Token include Crypto.com, Kucoin, Gate US, HTX, MEXC, and Upbit.
Token Generation Event (TGE) has established a total supply of linear tokens to approximately 72 billion. Of this, 15.8 billion tokens were reportedly distributed after the event.
Details on token token nomics remain unknown at the time of pressing, but the TGE event reportedly distributed around 749,000 eligible wallets to approximately 9.36 billion tokens. At this stage there were no tokens assigned to insiders or developers.
According to a statement from the Linea team, Airdrop was part of a broader incentive strategy to reward early users, contributors and ecosystem partners.
Recipients must request the token until December 9th. This unclaimed allocation after this deadline will be returned to the Linea Consortium Ecosystem Fund and used to support the growth of both Linea and Ethereum ecosystems.
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Linea prices initially surged to a $0.030 launch price, up 53% from the launch price, to a peak of $0.046 amid a community hype, following the highly-catching exchange list. However, the price later fell to $0.023, down 20% from the recent high as investors sold their holdings to book profits.
Such occurrences are very common in the crypto space. Tree, a native token of Tree, Defi Protocol Treehouse, faced a similar sale one day later on multiple exchanges, including Binance and Bitet.
The recent decline may not mark the end of the action, particularly as Linea announced its upcoming “Linea Ignition” program, in which 160 million Linea tokens will be distributed to Aave, Euler and Etherex users.
This could prompt more users to sell some of their holdings in anticipation of further price drops, causing the sale of the cascade, which puts more sales pressure on tokens in the short term.
Linea is a ZKEVM Layer 2 scaling solution built by Consensys, designed to provide low-cost, fast Ethereum compatible transactions while maintaining Ethereum security guarantees.
It works using a type 3 zero knowledge rollup architecture. This allows developers to deploy standard Ethereum smart contracts without rewriting the code. This ensures close-to-native EVM compatibility, making it easier for existing DAPPs and tools to move from Layer 1.
Linea bundles thousands of off-chain transactions into a single, concise proof of validity, then posted to the Ethereum mainnet, reducing gas fees while significantly increasing throughput.
Linea tokens are not yet used for governance or staking, but they act as core units for ecosystem incentives. Airdrops and campaigns such as Linea Voyage and Linea Ignition have distributed billions of tokens to early users, Defi participants and builders.
Linea’s ecosystem includes integration with major Defi protocols such as Aave, Pancakeswap, Hearn Finance, Galxe, and Beefy, and continues to grow through ecosystem funds and builder programs.
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