Lighter's LIT drops 22.2% as airdrop goes live; on-chain metrics flag heavy selling

Lighter's LIT fell roughly 22.2% to around $2.62 after briefly reaching $4.04 as its airdrop distribution went live on Tuesday. Trading activity jumped, with 24-hour volume at 13.43 million, while analysis of 10,000 wallets indicated selling outweighed accumulation early in the distribution. Derivatives net flow readings also showed sustained downside pressure.