$LAPTOP Launch Turns Chaotic as 80% of Traders Suffer Losses
The launch of $LAPTOP, a meme coin tied to Hunter Biden's laptop scandal, turned into a chaotic trading event with an 80% loss rate for traders. The token briefly touched a fully diluted valuation of $144 billion against a liquidity pool of just $48,000, a mismatch that led to extreme price swings.
Biden himself broke his public silence to address the launch, acknowledging the skepticism surrounding meme coins and their reputation for being misused by grifters. He framed $LAPTOP as a token of resilience and recovery, with 20% of its supply to be airdropped to the community, including those who lost money on Donald Trump's $TRUMP token.
However, a market maker, Wintermute, was caught selling $LAPTOP tokens almost immediately after launch, at an average price of about $4.47 per token. The speed of listing and the thin liquidity led to violent price swings, benefiting some traders while leaving others with substantial losses.