LAB token has plummeted 90% in value over the past 24 hours, dominating spot and futures selling volumes across major centralized exchanges following an explosive 400% rally in preceding days.
The sharp reversal has positioned LAB among the most actively traded pairs by volume, with sustained selling pressure from both spot and derivatives markets. The volatile price action marks a dramatic swing in investor sentiment after the initial surge attracted significant trading interest.
In an attempt to stabilize the token, the LAB project team executed a token burn of 10 million LAB tokens, equivalent to approximately $11.3 million at current valuations. The burn represents a supply reduction strategy commonly employed during periods of acute price deterioration, though its effectiveness in reversing the broader selloff remains uncertain.