LAPTOP Meme Coin Implodes, Leaving Most Investors in the Red

Hunter Biden's meme coin 'LAPTOP' plummeted nearly 98% within 24 hours of its launch on September 9, leaving approximately 80% of investors underwater. The token, issued on Base, an Ethereum Layer 2 network developed by Coinbase, reached a high of $190.81 in just two minutes after trading began but collapsed to around $0.83-$0.87 within the hour.

The liquidity shortage was the primary driver of both the surge and collapse, according to analysis by Arkham Intelligence. The team behind LAPTOP attributed the extreme price volatility to snipers taking advantage of the insufficient initial liquidity pool.

Of the 15,206 traders involved, 12,151 incurred losses while 3,026 turned a profit. However, many of those who made a profit did so at the expense of others, as 88 addresses alone accounted for approximately $5.57 million in profits.

The operations team announced plans to inject 4 million tokens into the Aerodrome pool and burn 10 million tokens through a prediction program to alleviate liquidity issues.