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LAB hits record high despite insider concerns
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LAB hits record high despite insider concerns

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LAB, the token behind an AI-focused trading terminal project, climbed to a new all-time high of $16.23 on June 1 despite ongoing concerns about insider ownership and token distribution.

The token more than doubled in value within 24 hours and extended its gains to more than 12,000% since the start of the year, briefly lifting its market capitalisation above $6 billion.

The sharp rally triggered more than $19 million in liquidations, including roughly $16.5 million in short positions, as traders betting against the token were forced to close positions.

LAB also briefly entered the top 20 cryptocurrencies by market capitalisation tracked by CoinGecko before retreating from its peak and trading lower later in the session.

The surge came despite warnings from blockchain investigator ZachXBT, who previously alleged that approximately 95% of the token supply may be controlled by insiders connected to the project.

ZachXBT also claimed that individuals linked to LAB had ties to previous token projects and questioned the concentration of ownership among early participants.

“Yes, it seems like last scam pump for LAB from MM before all of the hidden supply unlocks from OTC / private sale,”

ZachXBT wrote in a post on X.

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