LAPTOP Meme Coin Crashes 99% on Debut Amid Thin Trading and Heavy Selling Pressure
Hunter Biden's LAPTOP meme coin made its debut on Base, Coinbase's Ethereum layer-2 network, at 8am ET Wednesday. The token quickly shot up to $190.81 within two minutes, implying a fully diluted valuation of nearly $144 billion against a liquidity pool holding only $48,000.
However, this rapid spike was followed by an immediate crash, with LAPTOP shedding about 90% of its value in just 30 minutes. By the one-hour mark, it traded near $4.77, down from its peak.
The token's price continued to fluctuate throughout the day, eventually stabilizing at around $1.97 by afternoon. Despite this, LAPTOP still managed to claim a market capitalization of $780 million and a fully diluted valuation of over $2.2 billion, placing it within the top 100 crypto assets.
On-chain trackers revealed that some traders were able to profit from the launch, with one wallet pulling in over $1.18 million after buying and selling LAPTOP minutes after its debut. However, others were not so lucky, with one trader losing nearly all of their investment.