LAPTOP Meme Coin Collapses to Just $2 Billion After 99% Crash

Hunter Biden's new meme coin, LAPTOP, has crashed by over 99% since its launch just two days ago. The token briefly topped a $200 billion fully diluted valuation (FDV) after launching above $100 billion, but quickly plummeted to around $2 billion.

The speed of the move highlights the limitations of using FDV as a measure of a coin's value, as it multiplies the quoted price by total supply rather than measuring actual invested capital. Concentrated supply also added to the risk, with founders, airdrop wallets, and liquidity wallets accounting for almost 90% of the token's supply.

Early traders experienced sharply different outcomes, including one trader who gained nearly $1 million from buying and selling LAPTOP, while another lost around $200,000. Market-maker activity also played a role in the price swings, with Wintermute receiving and trading large quantities of the coin.