$LAPTOP Meme Coin Crashes After Briefly Reaching $300

Hunter Biden's new meme coin, $LAPTOP, launched on Wednesday and saw a spectacular crash in value within hours. The token briefly reached above $300 before plummeting to just a few dollars, wiping out more than 99% of its peak price.

A blockchain analysis by Datavault AI found that four out of five buyers who invested in $LAPTOP lost money, while one mystery trader made a profit of around $930,000. The profitable trader spent approximately $250,000 to acquire 9,124 tokens and then sold 8,480 of them minutes later for about $1.18 million.

Critics have characterized the launch as a 'classic rug pull,' where developers or insiders extract value from a project and leave other holders with devalued tokens. However, there has been no finding that Biden himself engaged in such a scheme.