Biden Memecoin Crashes 98% Within First Hour of Trading
The memecoin associated with Hunter Biden, known as LAPTOP, experienced a catastrophic crash in its first hour of trading. It began at $190.81 but plummeted to $3.70 within sixty minutes.
Market data from CoinGecko showed that by 3:45 PM UTC, the token's price had dropped to around $2.10, representing a staggering 98% decline from its launch price. This occurred despite an initial trading volume of over $13 million across more than 300 trading pairs.
At one point, the fully diluted valuation of LAPTOP reached $144 billion, supported by a liquidity pool containing just $48,000. However, this valuations was short-lived, and the token's market capitalization eventually stabilized at around $1.6 billion.
Hunter Biden defended the project on social media, stating that the token represented 'resilience, redemption and recovery.' He acknowledged widespread skepticism surrounding memecoins but cautioned investors against expecting him or others to enhance the token's value.