$LAPTOP Meme Coin Crashes After Launch
The $LAPTOP meme coin launched on September 9th and crashed within minutes of trading, falling from its peak near $190 per token to less than $2. According to Bubblemaps, a blockchain analytics firm, about 80% of wallets that purchased the token were underwater after the crash.
The token's liquidity pool was extremely thin, allowing for a relatively small trade to produce a massive change in price. Joni Zhuleku, co-founder and head of research at Altcoin Pro, explained that this can cause a token's quoted price to move dramatically in a short period.
Hunter Biden, the former first son who launched the cryptocurrency, denied profiting from its collapse and attributed the extreme price movement to technical problems and 'predatory' early traders. He acknowledged that the launch contained a significant error and said the project would work to increase liquidity and trading volume.