Newton Gitonga
Virtual currencies remained weak on Thursday, as Bitcoin struggled around the $110,000 mark.
While altcoins reflected bearishness, the LAB token decoupled with a dramatic 150% rally in the past 24 hours, driven by aggressive buybacks by the project’s team.
Lookonchain revealed that the LAB team repurchased over 20.9 million LAB coins, worth approximately $2.35 million, within the past two days.
They executed the transactions across trading platforms Binance Alpha, PancakeSwap, and Bitget.
Over the past 30 hours, LAB(@LABtrade_) has bought back over 20.9M $LAB($2.35M) from #BinanceAlpha, #Bitget, and #PancakeSwap.
intel.arkm.com/explorer/addre…
The substantial buyback has renewed investor enthusiasm around the project’s long-term prospects.
Notably, this move comes as cryptocurrencies struggle after the recent selloffs amid liquidity concerns.
The LAB Token turned bullish amid these developments. It has jumped from a daily low of $0.1007 to $0.2559, an approximately 154% gain.
For context, LAB is an innovative trading infrastructure for spot, perps, and limits, leveraging AI to deliver actionable strategies and high-speed execution across interfaces.
LAB boasts investor confidence
Buybacks have gained traction in the crypto space as strategic tools for reinforcing market stability and showcasing the project’s financial health.
Thus, the LAB team’s move demonstrates their confidence in the project despite prevailing market-wide volatility.
The buyback has removed millions of LAB tokens from circulation, effectively reducing supply.
Such transactions boost the asset’s demand and explain the current optimism.
Furthermore, utilizing multiple trading platforms confirms a well-coordinated and transparent approach that reinforces trust while incentivizing holders.
Enthusiasts say the move showcases the team’s trust that the LAB is an undervalued token with substantial growth potential.
One X user replied to Lookonchain, saying:
That scale of buyback signals serious confidence from the project’s team. Absorbing over twenty million tokens across several exchanges tightens the float and can stabilize price action.
Investor confidence, which deteriorated in recent sessions amid the broader bloodbath, looks to have rebounded.
While more might be needed to maintain the revived momentum, the repurchases have likely restored trust among holders and attracted new speculators from the overall cryptocurrency community, at least for now.
LAB price outlook
LAB is among the most bullish digital assets today. It has seen a sharp jump in its daily price chart to an all-time high of $0.2559.
The buyback developments fueled the roughly 154% gain in a day, which occurred as bears controlled the overall cryptocurrency space.
LAB eyes further rallies in the near-term, but robust trading volumes are necessary for continued gains.
Further, broader sentiments might influence the alt’s performance in the coming sessions.
Meanwhile, LAB’s price performance demonstrates how community trust, supported by action, can swiftly shift dynamics in uncertain market conditions.
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