The altcoin price of Linear Finance (LINA), a decentralized protocol for synthetic assets, rose more than 20% on the day to reach $0.02172 at the time of this writing.
According to cryptocurrency analytics company LookOnChain, address "0xd91A" has withdrawn nearly 1.2 billion LINA tokens worth $27 million from exchanges via multiple addresses in the past week. This represents 23% of the circulating supply and 12% of the total LINA supply.
However, the same address dumped some of the LINA holdings at a high price point today, causing a temporary drop in LINA price. LookOnChain suggests that the whale manipulated the market through LINA's pump and dump.
Linear Finance is a cross-chain compatible protocol that allows users to create and trade synthetic assets such as commodities, forex, indices and cryptocurrencies. LINA is the protocol's native token used for administration, staking and payment.
As Bitcoinsistemi.com recently reported, Jump Trading institutional wallet transferred 249 million LINA yesterday, causing the price to drop temporarily.
*Not investment advice.