Linea token falls 22% after listing amid airdrop selling
The token of Ethereum Layer-2 network Linea fell by 22% after its exchange listing, as airdrop recipients rushed to lock in profits ahead of the next liquidity injection.
The project’s developer, Linea, is led by ConsenSys CEO Joseph Lubin, one of the key figures in the Ethereum ecosystem — suggesting strong long-term potential.
According to Linea’s documentation, the Layer-2 network is built on Ethereum’s core principles using zkEVM technology, with all aspects designed to strengthen the economy of the leading altcoin.
Although development began in 2019 and its public testnet launched in 2023, Linea only just debuted on exchanges. The listing included Binance, Bybit, Upbit, OKX, and other major trading platforms.
On September 10, about 15.5 billion LINEA tokens entered circulation, representing 21.5% of total allocation. This large supply generated $452 million in trading volume on day one, pushing LINEA to 139th place by market cap.
However, after an initial surge in the first trading hour, the price declined under heavy selling pressure from unlocked tokens.
Oversized unlocks add to pressure
Although full tokenomics details remain unclear, on September 10 tokens were distributed across more than 749,663 wallets, averaging 1,300–7,700 LINEA per user. No tokens were allocated to insiders or developers.
Many early users rushed to sell part of their holdings, fearing further price declines, especially as the upcoming Linea Ignition program is set to distribute an additional 1.6 billion LINEA to users of Aave, Euler, and Etherex (BlockBeats) starting next week.
Linea price dynamics after listing. Source: CoinMarketCap
At the time of writing, LINEA was trading at $0.025, down 22% from its initial price.
As we wrote, Ethereum ecosystem evolving rapidly, Joseph Lubin claims
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