$LAPTOP Crashes from $190 to Under $2 Minutes After Launch

Hunter Biden's new cryptocurrency, $LAPTOP, crashed within minutes of its launch on September 9th. The token briefly reached a high of nearly $200 before plummeting to under $2, losing over 95% of its value in just one hour.

The sharp reversal came after the token began trading on Base, an Ethereum layer-2 network developed by Coinbase. According to Quartz, $LAPTOP climbed from its opening price to $190.81 within about two minutes before falling sharply.

Nicolas Vaiman, chief executive of Bubblemaps, told The Washington Post that the token supply was extremely concentrated before launch, leaving it vulnerable to a rapid sell-off. He also stated that over 15,000 crypto wallets had lost money due to the collapse.