Biden's LAPTOP Token Implodes
Hunter Biden's newly launched meme coin, LAPTOP, suffered a catastrophic crash, losing over 90% of its $200 billion-plus fully diluted valuation within hours.
The token, which debuted on September 9 with an FDV just above $100 billion, briefly topped a $200 billion theoretical value before plummeting to around $2 billion. This extreme volatility was fueled by supply concentration, with founders, airdrop wallets, the foundation, and liquidity wallets accounting for almost 90% of the token's supply.
The rapid price swing created disparate outcomes for early traders, with one reportedly earning a near-$1 million gain while another suffered a loss of nearly $200,000. Market-maker activity also played a role, as Wintermute received and sold tokens across various exchanges.