Lighter crashes below $4 as Robinhood repricing triggers $7.2M in liquidations
LIT fell below $4 on Sept. 30, with one report saying it touched $3.648 and closed at $3.770, while another linked the move with more than $7.2 million in liquidations. Robinhood also rolled out perpetual futures for eligible users with leverage up to 10X, and traders were weighing that shift alongside Lighter’s platform activity.
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LIT holders and traders noticed the move immediately because the token slipped under $4 on Sept. 30, with one report putting the close at $3.770 after a low of $3.648. Robinhood users who qualify for the new product also saw perpetual futures become available with leverage up to 10X.
Before this, LIT was trading without this specific combination of a sub-$4 price and a reported liquidation event. Afterward, trading conditions included the same token but with a lower price level and, in parallel, Robinhood’s newly offered perpetual futures for eligible users. (per ambcrypto.com)
Market reaction
The move was larger before the first headline than after. That is an observation, not an explanation: the market also moves on things nobody publishes.
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Has this happened before?
Nothing comparable yet.