Following the success of HYPE Coin, we observe the emergence of new players in the next-gen DEX market. Aster, with the support of CZ, launched its token in the last quarter of the previous year, and LIT Coin also debuted before the year ended. Although LIT Coin has yet to achieve the desired performance, the team has taken proactive measures.
LIT Coin’s Potential Surge
On-chain data reveals that the Lighter (LIT) team has started using protocol fees for token buybacks to support the LIT Coin price. As new-gen DEX platforms rapidly become lucrative protocols, they can maintain these buyback programs, much like HYPE and ASTER have done.
This move by the LIT Coin team, albeit not officially announced yet, has been detected through on-chain activity. An upcoming announcement, possibly heralding more, could drive the price further up. The initial wave saw a rise of about 7%, and continued buys might sustain this upward trend. Although the first purchase was limited to $10,000, this symbolic step toward a $3 billion FDV might entice buyers if a goal of even a few million dollars in purchases is announced.
An upcoming announcement will clarify if this marks the start of a buyback program or something else. The anticipation around what is next could further excite the market.
Ultimately, LIT Coin’s strategy to use protocol fees for buybacks parallels the steps taken by other successful contenders in the space. This approach not only aids in bolstering the trading value but can also induce further interest from new and existing investors.
In conclusion, the forward-thinking measures implemented by the LIT Coin team showcase a commitment to enhancing their position in the competitive DEX arena. It remains to be seen how these efforts will unfold in the marketplace, but their proactive stance sets an encouraging precedent.
