A wallet tracked as an Ethereum “OG” whale, address 0x7378, has spent a total of $9.1 million over the past two months accumulating 3.91 million LIT tokens at an average price of $2.33, according to on-chain data from Lookonchain. LIT is the native token of Lighter, a decentralized derivatives exchange, and the sustained buying marks one of the more consistent single-wallet accumulation patterns tracked on the token this year.
The purchases weren't a single transaction but a steady buildup, suggesting a deliberate accumulation strategy rather than an opportunistic one-off buy. On-chain trackers have separately noted a broader pickup in large LIT transactions, with the token recording 86 whale trades above $100,000 on July 7 alone — a six-month high in whale activity for the asset.
A buyback program is also absorbing supply
The accumulation comes as Lighter's own protocol adds a second source of demand. The platform launched a token buyback program in early January 2026 that channels protocol fee revenue into open-market LIT purchases, and a July 2026 tokenomics update committed the protocol to permanently burning all tokens it repurchases — starting with roughly 15.5 million LIT, about 6.3% of circulating supply. Between the protocol's own buybacks and outside whale accumulation, LIT has seen support from two independent sources of buy-side demand converging over a similar window.
Notable company for the token
0x7378 isn't the only large holder building a position in LIT this year. Tron founder Justin Sun reportedly spent $33 million to acquire 13.25 million LIT tokens in 2026, taking his stake to roughly 5.32% of circulating supply. Whale accumulation and insider buying are directional signals rather than guarantees, but the combination of a fee-funded burn mechanism and repeated large-wallet buying has made LIT one of the more closely watched smaller-cap tokens among on-chain analysts this cycle.
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