LAPTOP Meme Coin's Blistering Rise and Sudden Demise Stuns Crypto Market
The LAPTOP meme coin, centered on Hunter Biden's son, launched on the Base network and quickly reached a market cap of over $250 billion before plummeting to nearly zero in just hours.
Predictions suggested that the coin's market cap would range between $100 million and $250 million after one day, but it far exceeded expectations, reaching an FDV of over $8.5 billion at its peak.
The price drop was swift, with LAPTOP trading at $0.85, down 99% from its peak, and leaving many traders in the red. Some profited from sniper trades at launch, while others lost hundreds of thousands or even millions of dollars.
Insider manipulation schemes were also present, with 60% of main LAPTOP holding addresses having no prior on-chain activity. Market makers such as Wintermute, GSR Markets, and G20 played a significant role in the coin's rapid price drop.