Pennies on the dollar: BubbleMaps recalls warnings as LAB crashes 99%

LAB token, which the blockchain analytics firm BubbleMaps warned holders about, has fallen 99%.

The token’s combined value of an early presale group has dropped from about $1 billion to roughly $6.8 million. 

Why did LAB crash? 

The LAB crash started in early June, just days after it hit its all-time high of $27.22. BubbleMaps first warned holders on June 4 that the token’s on-chain patterns would get “ugly.” At that point, presale participants were sitting on more than $1 billion in unrealized paper profits that they could not touch. 

By July 3, LAB had already fallen 72% from its June high to about $7.20. BubbleMaps tracked the same 313 wallets that participated in the presale on Legion. Those buyers put in $1,428,359. On July 3, their combined holdings were valued at $519,517,144. 

By August 12, that figure had fallen to just $6,768,048. 

Cryptopolitan reported that on July 8, the token dropped about 85% in a day to under $2, forcing leveraged traders to sell on Binance’s perpetual futures market. Days later, on July 12, a wallet that ZachXBT tied to the LAB team sold $18.3 million of tokens through the exchange Aster, dragging the price from roughly $1.20 to $0.55. 

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