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$LAB defied serious insider-dealing and tokenomics allegations to hit a new all-time high of $16.23 on June 1, pushing its year-to-date gains past 12,000%.New All-Time Highs for $LAB
On June 1, $LAB, the token of an AI trading terminal project, jumped to a new all-time high of $16.23, a more than 100% gain from its price of $7.31 about 24 hours earlier. The spike pushed its weekly gains above 250% and over 580% since May 1, when it traded around $2.15. The token, which briefly pushed $LAB’s aggregate market capitalization well past the $6 billion mark, has continued to surge despite serious concerns about the project’s tokenomics and insider-dealing allegations.
Market data showed that $LAB’s brief surge past the $16 mark saw it momentarily break into the top 20 coins by market capitalization tracked by Coingecko. Although it ultimately retreated to $14.66 at 9:08 a.m. EDT on June 1, the token was still ahead of BCH and TON. $LAB’s ascendancy amid a market-wide sell-off triggered the liquidation of more than $16.5 million in short bets and $2.6 million in long bets.
In a May 14 post on X regarding his investigation into the project, ZachXBT alleged that 95% of the $LAB token supply was likely in the hands of insiders. The online sleuth also claimed that one of the signers for several $LAB team multisigs was funded by an insider linked on-chain to $RIVER manipulation. The same insider received more than $12 million of $RIVER tokens across two centralized exchange deposit addresses. ZachXBT also tied $LAB’s founders to ESE, their previous project, which he said left investors feeling abandoned after the team moved on.
However, despite ZachXBT’s warning and the grim findings of his investigation, the $LAB token did not tank and held its ground for much of the second half of May. Starting May 29, $LAB rose sharply, helping push its year-to-date gains to over 12,000%. Reacting to the latest price action, ZachXBT repeated his past warnings about the project.
“Yes, it seems like last scam pump for $LAB from MM before all of the hidden supply unlocks from OTC / private sale. Always recommended people do not touch these coins,” ZachXBT said in reply to an X user asking about the token.
Another investigative platform on X characterized $LAB’s surge to a fresh milestone on Monday as “a game of chicken with insiders.” The platform also repeated warnings that $LAB is scheduled for a token unlock, which invariably leads to value dilution.
“Price can keep ripping on low float, but you’re trading against concentrated holders who can exit whenever. Volatility will be extreme [in] both directions,” Aixbt said in a post on X.