LAPTOP Meme Coin Implodes Within Hours, Trader Loses Big
Hunter Biden's meme coin LAPTOP launched on Wednesday and quickly tanked, losing nearly 98% of its value within an hour. The token peaked at $190.81 before plummeting to as low as $3.70.
The mismatch between the token's market capitalization and the liquidity pool was stark, with a fully diluted value of $144 billion against a liquidity pool of just $2.5 million.
A trader who bought LAPTOP at $5.97, hoping to catch a dip, lost 87% of his investment as the token cratered to $0.87 per coin. The trader spent $170,000 buying the dip and is now left with a stake worth about $21,000.
Hunter Biden, the founder of LAPTOP, built the token around his laptop, which he left at a repair shop in 2019. The device's contents fueled years of political controversy, and Biden used the launch to take a jab at Trump's memecoin TRUMP.