ambcrypto.com 
Lighter [$LIT] is up about 12.52% in the past 24 hours amid a surge in the broader perpetual DEX narrative. The respective tokens in turn have seen a spike in prices.
The surge comes after SpaceX launched their Initial Public Offering (IPO) as they target raising $75 billion in funding.
Generally, the trading of IPOs on perpetual DEXes has seen a parabolic rise on platforms like AsterDEX and Lighter, among others.
Analyzing trading volume on the Lighter ecosystem
As a result of the SpaceX IPO, the notional trading volume on Lighter is up 73.7% week-over-week, reaching $14.84 billion. The week before, this volume was about $8.54 billion when gauging the data for the last 30 days.
Over the last month, notional trading volume was at $45.7 billion, which was also up more than 14.5%.
Source: Token Terminal
The token trading volume of $LIT has increased by 120% in a month to reach $1.80 billion. Last week, this volume almost doubled from $377 million to about $657.7 million.
Source: Token Terminal
This surge in trading activity has resulted in a spike in the number of holders and revenue from fees. Token holders increased by 32.5%, reaching 4.50K as of press time.
Additionally, fee revenue rose by 34% to reach $3.80 million. Despite this spike in fees, $LIT trails behind Hyperliquid in terms of P/E ratio with 6.5x against 13.3x. This means that each HYPE token is generating twice as much as earnings.
As revenue grows, it creates demand for $LIT, as it automatically buys back supply from the open market. The protocol directs 100% of its revenue to buybacks.
Recently, they bought about 90K $LIT tokens, taking the total buybacks of this month to around 2 million. The treasury now holds more than 14 million tokens after buying 9.56 million tokens this quarter.
Can $LIT price break past June’s high?
$LIT has also bounced off the slanting support level that has been in place since mid-May. The trendline runs from a low of $0.90 to $1.50.
The perpetual trading pair $LIT/$USDT on Binance is showing a buying volume of 1.28 million tokens according to the CVD. Additionally, the buyers are gaining strength, with the momentum indicator rising above 0.166 from negative territory.
Source:
$LIT/
$USDT on TradingView
Therefore, with volumes and activity now returning to perp DEXes, it positions the altcoin to rally toward June’s high of about $1.80 or higher.
However, the altcoin faces a blockade at the $1.60-$1.70 zone, where it has multiple wicks. These wicks show there is selling pressure, which caused the price to decline to the $1.38 level, aligning with the trendline.
Final Summary
- Lighter rallied 12% after a 74% spike in Notional Trading Volume following the official launch of the SpaceX IPO.
- $LIT price bounced off the slanting support level but is now facing resistance at the $1.60-$1.70 zone.
