Hunter Biden's LAPTOP Meme Coin Collapses 99% in Debut Crash
Hunter Biden's LAPTOP meme coin saw a catastrophic debut on Wednesday, plummeting nearly 99% in value within minutes of trading. The token opened at $0.05 per unit but surged to near $199 just two minutes into its listing before crashing back down.
The team behind the project, which includes Hunter Biden, claims that automated bots and thin liquidity contributed to the crash rather than any intentional scamming or manipulation. In a statement posted on Medium, they acknowledged that demand overwhelmed the market maker's starting liquidity, causing prices to spike and then plummet.
One wallet reportedly turned a $1.18 million profit while another lost $200,000 in the same time frame. The team has announced plans to send 4 million tokens into Aerodrome pools from midnight UTC on September 10 in an effort to stabilize the market.
Hunter Biden himself weighed in on the situation via Twitter, stating that he and his team are working to restore their suspended X account and assuring investors that they do not intend to manipulate or artificially inflate the token's value.