The token allocation strategy for Lighter is raising eyebrows—50% going to team and investors is a pretty aggressive move. The market certainly didn't miss it. Polymarket data tells the story: odds of hitting a $3B FDV dropped to just 31% within a day of launch. Pre-market trading has already tanked roughly 22% since then. That's not a gradual shift; it's a sharp reversal in sentiment. When investors see that much supply locked away for insiders, the calculus changes fast. The bearish signal is loud and clear.