Justin Sun Accumulates 5% Stake in Lighter’s LIT Token Key Takeaways-$33 Million Purchase: Tied to the name of Justin Sun, a cumulative purchase of LIT tokens was valued at $33 million within the first purchase, pegging the 5.32% stake.
– Liquidity Provisioning: The transaction involved the liquidity initiative by Lighter and had nothing to do with airdrop farming and involved Sun transferring $200 million into the program and then withdrew $38 million to purchase LIT tokens.
Wallet Activity- Four wallets belonging to Justin Sun received 6.4 million LIT tokens worth $17 million in tokens after the token generation event.
- Contributed $200 million to Lighter’s Liquidity Provider Program, followed by a withdrawal of $38 million, of which $33 million was used to buy 13.25 million LIT tokens.
LIT Token Performance - LIT has been under pressure since its launch due to liquidity withdrawals and post-airdrop profit-taking, with its price sliding 30% to around $2.45-$2.80 after its $3.40 debut.
-Lighter reports strong usage metrics, despite volatility, at $3.7 billion in 30-day volume and $101 million in annualized fees.
What's Next? Long-term outlook for LIT will depend on adoption, revenue sharing execution, and the growth of DeFi perp markets.
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