ZachXBT: An entity transferred 47.9 million LAB from Bitget, briefly causing the price to drop another 35%

According to on-chain analyst ZachXBT (@zachxbt), the LAB token has been under continuous selling pressure since July 8, with the price plummeting from $14 (FDV approximately $14 billion) to the current range of around $0.27, representing a cumulative drop of over 96%. On-chain data shows that an entity initially funded by the LAB team had previously deposited 18.4 million LAB (approximately $18.3 million) into Aster and continued selling on DEXs, causing the price to fall further from $1.2 to $0.55. On July 13, the entity withdrew 17.9 million LAB (approximately $7.2 million) from Bitget and transferred them to Kucoin address 0xad768f...FD23, after which 5 million were withdrawn to an external address for continued selling. On July 14, another 30 million LAB (approximately $8.3 million) were transferred from the Bitget hot wallet to another Kucoin deposit address 0xbE8De...22B84, with the transaction hash being 0x95f0fb...d3df.