LAPTOP Memecoin Crashes 98% in Launch Day Debacle

Hunter Biden's LAPTOP memecoin launched on Wednesday and quickly crashed by up to 98% from its opening price of 5 cents.

The team behind the project blamed the collapse on sniper bots, automated programs that detect new token launches and buy within seconds, pushing prices up before regular users can get in.

According to blockchain analytics firm Nansen, there were 46,675 buy transactions against 16,038 sells over 24 hours, with most buyers having not sold at the time of the data snapshot.

Hunter Biden denied personally profiting from the token, stating that his team's allocation is locked and no one on their side has sold any tokens.