The price of LAB token experienced a dramatic drop after initially surpassing $4.10, plummeting to as low as $0.6708 within six hours, marking an over 80% decline. It has since stabilized at approximately $1.20. This extreme volatility led to significant liquidations across the market, with total liquidations reaching $38.17 million in the past 24 hours, making it the highest across the network. Of these, $15.40 million were long positions, while $22.65 million were short positions.