What Is LIT? Crypto Whales Bet $10M On New Trading Token Day After Debut, Coinbase’s Intention To List

• Three whale wallets deposited nearly $10 million in USDC into Lighter shortly after LIT’s public debut.
• Coinbase said LIT spot trading would go live once liquidity conditions are met, boosting visibility for the new token.
• Other perpetual DEX tokens, such as Hyperliquid and Aster weakened following LIT’s launch.

Three large wallets deployed nearly $10 million into Lighter’s newly launched LIT token on Tuesday night, signaling early whale interest just hours after the project completed its token generation event.

According to Arkham Intelligence data spotted by Lookonchain, three whale wallets deposited a combined 9.98 million USDC (USDC) into Lighter  (LIT). Of that, roughly 8.67 million USDC was used to purchase 3.44 million LIT tokens, leaving about 1.35 million USDC unspent.

The accumulation followed Coinbase’s post on X that spot trading for LIT would go live once liquidity requirements are met. 

LIT’s price was up nearly 10% in the last 24 hours, according to CoinMarketCap data, trading at around $2.80.

HyperLiquid Dips, Aster Muted

Lighter completed its token generation event earlier Tuesday, releasing LIT into circulation with approximately 25% of its 1 billion total supply available to the market. Early trading was volatile, with the token initially selling off after hitting an intra-day high of $4.04, according to CoinMarketCap. 

The DEX behind the token, Lighter, recorded roughly $200 billion in 30-day trading volume following the launch, surpassing Aster (ASTER) and Hyperliquid (HYPE), according to data from DefiLlama.

HYPE’s price fell 1.6% in the last 24 hours to $25.74. On Stocktwits, retail sentiment around the token remained in ‘bearish’ territory over the past day amid ‘normal’ levels of chatter.

Meanwhile, ASTER’s price edged 0.3% higher to around $0.6971. Retail sentiment around the coin on Stocktwits trended in ‘bullish’ territory over the past day, with ‘normal’ levels of chatter.

What Is LIT Crypto Token?

LIT is the native token of Lighter, an Ethereum-based perpetual futures exchange. The token is designed to serve multiple roles across the protocol, including governance, ecosystem incentives, and future fee mechanics tied to platform usage.

Half of LIT’s total supply is allocated to ecosystem development. That includes a 25% community airdrop distributed to early users who earned points during Lighter’s incentive campaigns throughout 2025. Team and investor allocations are locked for one year and will vest gradually over the following three years, according to project disclosures.

Lighter’s entry adds another high-valuation protocol into an already crowded market dominated by established platforms with deep liquidity and entrenched user bases.

Read also: IPW’s Stock Gains, BMNR Adds To Ethereum Position While Crypto Equities Tread Water

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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