The LAB token has declined over 13% in the past 24 hours, extending a prior downtrend driven by heavy selling activity. Daily trading volume surged 335% to roughly $50 million, with a volume-to-market-cap ratio of 81%, indicating extreme speculative interest. Technical rejection at the $0.15 resistance level triggered the sell-off, while rising Open Interest alongside falling prices suggests short selling. Exchange data shows KuCoin moving thousands of LAB tokens to Bitget and Gate, contributing to distribution. The protocol’s daily revenue has collapsed from $191,000 last September to about $6,200, compounding the bearish pressure. Long liquidations reached $513,000 against only $44,000 in short liquidations, though long/short ratios on Binance and OKX signal some dip-buying activity.
The LAB token has crashed more than 13% in the past 24 hours, extending the previous day’s downtrend. Daily volume spiked by 335% to around $50 million, with a volume-to-market-cap ratio of 81%, reinforcing extreme trading activity and heightened speculative interest.
The selling pressure was first induced by a technical price rejection at the $0.15 level. Since mid-July, LAB has traded between $0.1264 and $0.1726, and the breakdown occurred at the midpoint of that sideways range. Open Interest rose to more than $124 million as the price fell, indicating traders were short selling the asset.
The Cumulative Volume Delta (CVD) showed 2.61 million LAB tokens had been distributed as the altcoin tested the $0.1270 support level. Exchange activity also contributed, as KuCoin sold thousands of LAB tokens from its hot wallets to Bitget and Gate, fueling the high selling volume. Supply distribution was slowly being redistributed, with top holdings held in LAB’s Gnosis Safe Proxy wallets, token vesting, Gate’s cold wallet, and Binance’s proxy wallet.
The protocol’s daily revenue collapsed from a high of $191,000 last September to around $6,200, reinforcing the decline in price action. Long liquidations spiked, with $513,000 wiped out against $44,000 in short orders. However, the Long/Short ratio stood at 3.50 on Binance and 10 on OKX, signaling bulls were buying the dip. Top traders on Binance joined in, with the ratio climbing to 3.72, a sign of potential recovery.
