Wu said he learned from Evening Trader Group, which posted on Twitter that LAB has risen 600% since it was first tagged, with its 24-hour trading volume at about one-fifth of its market capitalization. In a typical pump-and-dump cycle, trading volume usually approaches or exceeds market cap; this difference indicates that LAB’s effectively circulating volume is significantly smaller than its nominal supply. After excluding the amount of supply that is actually not tradable, LAB’s real circulating supply may be less than 30 million tokens—about $90 million. Evening Trader Group said that before the team and investors mainly unlock the supply in June and it actually enters circulation, LAB is still in a dynamic of overvaluation, controlled circulation, and manipulated price action.