$LAPTOP Cryptocurrency Crashes to Near-Worthless Status Hours After Launch
Hunter Biden's cryptocurrency, dubbed $LAPTOP, saw its value skyrocket to nearly $200 within minutes of its launch on September 9. However, the token quickly collapsed to below $2, leaving thousands of wallets with significant losses.
According to Quartz, $LAPTOP reached a high of $190.81 shortly after trading began on the Base blockchain. Forbes reported that the token briefly traded at $222 before falling to $1.79 later in the day. The Washington Post noted that about 80% of traders who bought the token lost money, citing blockchain analytics company Bubblemaps.
Nicolas Vaiman, chief executive of Bubblemaps, stated that more than 15,000 crypto wallets had suffered losses due to the rapid sell-off. He also pointed out that the token supply was extremely concentrated before launch, making it vulnerable to a collapse.