$LAPTOP Meme Coin Collapses in Chaos, Leaving Most Investors With Heavy Losses
Hunter Biden's $LAPTOP meme coin collapsed shortly after its launch on Wednesday. The project's market maker supplied significantly less liquidity than needed, causing demand to skyrocket and driving the token's price from $2.39 to a peak of $316.
Biden blamed the issue on a 'f--- up' that occurred in the first 30 seconds of launching the coin. He said the market maker only put in $5,000 of liquidity, while demand was 'through the roof.'
The project's thin liquidity pool led to a rapid price increase, with some traders making significant profits. However, about 80% of investors who bought $LAPTOP on launch day lost money, according to blockchain analytics firm Bubblemaps.
Biden acknowledged that investors had already been hurt and promised to 'make it right.' He said the project is working to increase liquidity and trading volume, but did not elaborate on whether this means compensating investors.