$LAPTOP Crash Leaves Thousands of Traders Underwater Amidst Wild Price Action
Hunter Biden's new memecoin $LAPTOP was supposed to be a way for him to turn one of the most notorious episodes of his life into a crypto community. Instead, it collapsed within minutes of its launch, leaving thousands of traders underwater while a smaller group recorded substantial profits.
Blockchain data shows that some early traders made hundreds of thousands of dollars, with one wallet reportedly clearing more than $1 million. However, there is currently no evidence that Biden or the project's founders dumped their own allocation during the crash.
The collapse of $LAPTOP was caused by a lack of liquidity in the initial trading pool, which contained only around $48,000. Aggressive buying pushed the token's price above $200 before it rapidly collapsed to single digits and continued lower.
Despite the chaos, early traders were able to profit from the crash. The profits were highly concentrated, with 88 wallets reportedly generating approximately $5.57 million in gains. However, the majority of traders (almost 80%) lost money following the launch.