Serious Allegations of Manipulation Surround an Altcoin: Its Value Has Almost Completely Evaporated
On-chain data showed that an address believed to have insider information continued to transfer large amounts of $LAB tokens to the Aster platform.
The address in question sent 10.5 million $LAB to Aster in its last transaction. Based on the transfer price of $0.872, the total value of the tokens was calculated to be approximately $9.15 million.
This transaction marked the second large $LAB transfer from the same address in approximately 22 hours. The total value of $LAB tokens transferred to Aster from this address in the last 24 hours reached approximately $18.69 million.
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The sharp drop in the $LAB price following the initial transfer made by the address the previous night has increased concerns that the new transaction could create selling pressure in the market. However, it has not yet been confirmed whether the transferred tokens have been sold.
$LAB has been showing high volatility recently, with a 28% drop in the token’s price in the last 24 hours. Over the past month, the drop has been 92%.
The graph shows the decrease in $LAB price.
*This is not investment advice.