The cryptocurrency market is facing one of its most significant price corrections in recent memory. Bitcoin (BTC) briefly fell to the $61,000 price level earlier today, and most other assets are following its trajectory. While other crypto assets are facing steep corrections, LAB (LAB) is registering big gains, hitting a new all-time high of $27.30 on June 2, 2026. CoinGecko shows that LAB’s price has rallied by nearly 24% in the last 24 hours, nearly 300% in the last week, and just short of 1000% over the previous month. Let’s discuss what’s pushing LAB amid a market crash.
Why Did LAB Hit An All-Time High Amid A Market Crash, And Is It Safe?
Many may attribute LAB’s sudden price surge to investor FOMO (Fear Of Missing Out). Since most other major cryptocurrencies are facing losses, some investors may be taking a chance with LAB. However, there is also a possibility of a “pump-and-dump” scheme.
LAB’s founders Vova Sadkov and Mark are no stranger to controversy. They have been accused of abandoning investors from their previous project, Eesee (ESE). Many say a similar pattern is unfolding with LAB as well.
Popular cryptocurrency sleuth ZachXBT laid out a detailed investigation into LAB last month. What Zach had to say would not make you want to invest in the project. Zack notes that insiders control more than 95% of the supply. LAB’s pattern suggest a clear case of pump-and-dump. Just 61 whales control 99.83% of the entire market cap. If these whales sell their holdings and book profits, the asset’s price will likely tank.
Also Read: Market Crash Intensifies, XRP At $1.2: How Much Lower?
While it may seem attractive to invest in project’s such as LAB, it is extremely important that you do your due diligence before hand. The crypto sector is plagued with exploits and hackers, and it is of the utmost importance that your exercise caution.
Credit: Source link
