- LIT climbed sharply in the past 24 hours, rising over 14% and even approaching 18% gains in some exchanges during peak sessions.
- The project’s public treasury wallet shows it holds around 180,000 of its own LIT tokens, worth roughly $545,000.
- Whale buying picked up as a new wallet spent $2.89M USDC to acquire nearly 1M LIT.
The LIT token, native to the Lighter decentralized exchange (DEX), saw notable price gains recently. It looks like the rally was driven by rumors that the project was buying back its own tokens, which lifted market mood and boosted trading activity.
LIT climbed sharply in the past 24 hours, rising over 14% and even approaching 18% gains in some exchanges during peak sessions, reaching an intraday high of around $3.23. The project’s public treasury wallet shows it holds a large stash of its own LIT tokens, around 180,000, worth roughly $545,000.
The exchange’s system is set up to use its earnings partly to support its growth and partly to buy back its own tokens. Market participants interpreted the coin accumulation as an early indication that the buyback mechanism had been activated.
Since Lighter hasn’t officially announced a complete buyback plan, it validates the rumors and supports the current price rise.
Whale and Institutional Interest
At the same time, a rather large amount of money has moved into Lighter, helping drive the price increase. A newly created wallet recently used $2.89 million in USDC to purchase almost one million LIT tokens, showing that big investors are also starting to buy in.
Additionally, whales were active even before the official launch of the token, investing close to $10 million in USDC to buy LIT as soon as it became available.
The recent price jump also coincided with new exchange listings for LIT on platforms like KuCoin and BingX. Naturally, being on more platforms makes the token easier to trade and exposes it to more traders, while increased trading activity often boosts a token’s upward trend and helps a new coin’s price rise hold steady.
Related: Lighter Debuts LIT Token, With a 25% Community Airdrop
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Source: https://coinedition.com/lit-rallies-on-buyback-speculation-tied-to-lighter-treasury/
