LIT Token Price Faces Bearish Pressure from Whale Deposit

An anonymous whale has deposited 2 million LIT tokens, valued at approximately $6.94 million, to the cryptocurrency exchanges OKX and Bybit.

The transfer was facilitated by market maker Cumberland, a common practice for large holders looking to sell without directly impacting market prices.

The move comes on the heels of Upbit's listing of LIT on its Korean won (KRW) trading pair at 4:00 a.m. UTC yesterday, which initially sparked optimism among LIT holders.

However, the whale's deposit has tempered that enthusiasm, with some market observers speculating that the move could signal a potential sell-off.