Lighter airdrop addresses experience polar extremes: some are liquidating, others are aggressively adding positions

Lighter TGE only 3 days ago, and on-chain data has already exposed the market’s true attitude. Among the top ten airdrop addresses, the vast majority choose to hold and watch, but some have decisively liquidated their positions; meanwhile, major players like Sun Yuchen, Jump Crypto, and others are increasing their holdings in the opposite direction. This double-edged situation reflects that the market’s attitude towards this Perp DEX newcomer is far more complex than it appears on the surface.

Airdrop address holdings differentiation, most choose to wait and see

According to the latest news, the Qwantify LIT airdrop tracking data shows an interesting phenomenon:

The meaning behind this data is quite clear: among the top ten airdrop addresses, 80% choose to hold without change, only 10% choose to fully sell, indicating that addresses receiving large airdrops generally adopt a wait-and-see attitude. However, within the top 50, the situation becomes more complex—some are reducing their holdings, others are increasing, and the market is playing a game.

Why are most not in a rush to sell?

Lighter just launched trading on December 30, only 3 days ago. This timing is critical. The top ten airdrop addresses are usually early participants or liquidity providers in the project, with some understanding of the project. Most choosing to hold and wait may reflect two signals:

• These addresses still have expectations for the project’s long-term prospects
• Or they are waiting for a better selling point

But there is also one address that chose to fully sell, indicating not all big players are optimistic.

The real actions of major players better explain the situation

Interestingly, while airdrop addresses are hesitating whether to sell, some big players are acting in the opposite way:

• Sun Yuchen: has been increasing holdings since January 1, having withdrawn $38 million from $200 million, and used $33 million to buy 13.29 million LIT, accounting for 5.32% of circulating supply
• Jump Crypto: started market making on Lighter in mid-November, receiving 9.285 million LIT airdrops (worth about $24.2 million)
• A certain whale address: added 2 million USDC to Lighter on January 2, increasing holdings to 2.45 million LIT, with a total cost of $6.03 million

These three cases form a stark contrast. Sun Yuchen and the whale address both increased their holdings when LIT’s price was falling, which usually indicates they believe the current price is attractive.

A true reflection of market sentiment

Since its launch, LIT’s price performance has not been optimistic:

• Down 3.07% in 1 hour
• Down 4.27% in 24 hours
• Down 3.91% over 7 days

In this declining context, some big players still choose to increase their holdings. What does this mean? Either they have confidence in the project, or they are bottom-fishing. Regardless of the reason, this contrasts with the wait-and-see attitude of airdrop addresses.

Aspects of the project itself worth paying attention to

Lighter adopts an off-chain matching with ZK proof technical solution, which has its own特色 in the Perp DEX track. According to relevant information, its technical route and product design have gained some recognition in the industry. But since the TGE just passed, the market needs time to verify whether this project can meet expectations.

Currently, LIT’s market cap is $642.04 million, ranking 78th. This position indicates that the market has given it some recognition, but also shows that market expectations for its future are still under evaluation.

Summary

The differentiation in Lighter airdrop address holdings reflects the market’s true attitude: it is neither uniformly optimistic nor uniformly pessimistic, but in a state of play. Most airdrop addresses choose to wait and see, a small portion choose to fully sell, and some big players are increasing their holdings in the opposite direction. This phenomenon is common in the early stages of new coin TGE.

What to watch next are two key directions: first, whether the project’s actual business performance can support market expectations; second, whether the actions of major holders increasing their positions can drive market sentiment. Currently, Lighter is still in the stage of market cognition formation, and its subsequent trend requires continued observation.