Hunter Biden's LAPTOP Token Crashes 98% in First Hour of Trading on Base Network
Hunter Biden's cryptocurrency project, LAPTOP, made its debut on Base network this week. The token quickly reached a peak of $190.81 but plummeted to $3.70 within an hour of trading.
According to CoinGecko data, the token had dropped by approximately 98% from its launch price to around $2.10 by 3:45 PM UTC. Over $13 million in volume was traded across more than 300 pairs during this initial hour.
The fully diluted valuation of LAPTOP reached a high of $144 billion, but it was based on just $48,000 in liquidity. This is an extraordinary imbalance that has raised eyebrows among industry observers.
The founding team of LAPTOP retains control over 30% of the total supply, with a six-month lock period and monthly vesting across 24 months. The token's utility is limited to being a digital collectible, with no ownership privileges, governance rights, or profit-sharing mechanisms.