LIT Token Drops 36.7% Post-Airdrop Amidst Heavy Selling Pressure

The Lighter token (LIT) is experiencing significant selling pressure shortly after its launch:

LIT dropped 14.72% in the last 24 hours and 36.7% over the past week, currently trading at $1.91.
Initial airdrop distributed 25% of the total supply, contributing to thin liquidity.
Airdrop recipients sold around 15.5 million LIT, with only 5.8 million absorbed by buyers.

Despite accusations, major entities like Jump Crypto have not been significant sellers.

Market maker wallets added approximately 730,000 LIT, while liquidity pools sold about 680,000 tokens.
One whale faced partial liquidation, incurring a $509,000 loss on a 1x long position.

Lighter introduced mandatory staking for liquidity pool access:

Users must stake LIT at a 1:10 ratio to use USDC in the pool, effective until January 28.
Staking 100 LIT removes withdrawal and transfer fees.

Meanwhile, attention shifts to Bitcoin Hyper (HYPER), which raised $30.6 million in presale:

HYPER aims to address Bitcoin's limitations with a Layer 2 network for faster transactions and lower fees.
Current price: $0.013585, offering up to 38% APY for early staking participants.