Lighter Price Skyrockets 18% in a Week as $42M Token Burn Ignites Bullish Momentum

Lighter (LIT) has experienced a significant price increase of 3.68% in the last 24 hours, accompanied by a surge in daily trading volume of 13.52%. This comes on the heels of an 18% rally over the past week alone.

The token's price had fallen to $2.30 after AMBCrypto warned that it was potentially overbought and might see a correction towards $2, but it has since climbed back up to $2.60.

In a recent post on X, Lighter revealed the burn of approximately 15.6 million LIT tokens worth more than $42 million, representing about 6.3% of the circulating supply and 1.5% of the total supply.

This massive burn could have sparked short-term bullish momentum for the altcoin, with some analysts suggesting a move towards $3 might not be far off.