Lighter crypto dips 11% – Will $2.2M buybacks spark LIT’s rebound?

Lighter [LIT], the native token of the decentralized perpetual exchange, has continued to decline in the early hours of the 24th of October, falling roughly 11% as of writing. The decline comes at a stage where traders in the market, despite the price drop, are positioning bullishly in the spot and perpetual markets. Lighter’s buyback program is setting the asset up for a further rally in the near term. LIT decline drives liquidations Selling pressure in the perpetual market has driven LIT’s decline over the past day. Perpetual netflow data shows that traders withdrew $2.4 million from the market in the past 24 hours, indicating that they are reducing their exposure. Shrinking capital in the perpetual market often reflects some level of uncertainty among investors.

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