Lighter (LIT), the token of an Ethereum-based zero-knowledge rollup (scaling network using cryptographic proofs), fell 14.62% over 24 hours to $4.52 after a multi-day rally carried it to fresh highs. Independent feeds showed similar losses, with CoinGecko recording $4.45 and a 15.80% decline at 07:41:20 UTC on September 10, 2026; Coincu showed $4.52 and a 14.70% drop at 07:38:30 UTC, while CoinMarketCap listed $4.51, down 14.64%. LIT had still gained roughly 86% over 30 days and 18% over seven days, while on-chain records placed its September 9 high at $4.8275. The token’s market capitalization was near $1.11 billion, with roughly $101 million in reported 24-hour volume and a circulating supply of 250 million against a 1 billion maximum. Exchange wallets recorded a net inflow of 1,126 LIT on September 10 after a 175,899-token net outflow the previous day, suggesting selling pressure but not proving completed distribution. On-chain analysis also identified 82.7% of transfer volume as wash trading, estimating legitimate exchange volume near $24 million across 31 venues. No dated Lighter-specific announcement, unlock, liquidation dataset or other verified catalyst explains the reversal. The broader Crypto Fear & Greed Index stood at 69, or "Greed," supporting the view that the move was token-specific rather than part of a market-wide risk-off shift. A defense of the $4.45-to-$4.52 area, renewed exchange outflows and a recovery above the prior $4.67 local high would provide early stabilization signals, while sustained deposits and distribution from a 1.40 million-LIT accumulator would point to additional downside.