The currency that has gained the most momentum in the past week is by no means $LINA. There was a short squeeze, rising by more than 190%. Futures data shows that LINA's total open interest has reached US$180 million, exceeding its market value of US$140 million.

The United States successfully resolved its debt crisis this week. President Biden has reached a final agreement with House Speaker McCarthy to raise the debt ceiling. Pushing Bitcoin (BTC) back to $27,000, it rose 3.2% in a single week.

LINA’s total open interest has reached $180 million, exceeding its market capitalization

However, the currency that has gained the most momentum in the past week is by no means the token launched by Linear Finance, $LINA.

Perhaps influenced by the fact that most people chose to short, $LINA once experienced a short squeeze, starting from around $0.105 on May 28, and rising to $0.294 at one point, an increase of more than 190% in less than five days. As of press time, it is temporarily reported at $0.25.

According to Coinglass data, the funding rate of LINA U-based perpetual contracts on the exchange has reached as high as -0.8%. In other words, the annualized funding rate is a staggering -876%, and the transaction volume exceeds US$3.4 billion.

What’s even more exaggerated is that LINA’s total open interest has reached $180 million, exceeding its market value of $140 million.

It is understood that Linear Finance is a cross-chain compatible decentralized Delta-One asset protocol that aims to enable investors to create, trade and manage synthetic assets (Liquid) with unlimited liquidity.

Data: Jump Trading has transferred a total of 185 million LINA to Binance in the past two days

However, it should be noted that Lookonchain monitoring data showed that Jump Trading once again transferred 20 million LINA (US$451,000) to Binance. In the past two days, a total of 185 million LINA (US$4.1 million) has been transferred to Binance, and it currently holds 64.7 million LINA (US$1.46 million).