LAPTOP Memecoin Crashes 99% After Explosive Debut
Hunter Biden's LAPTOP memecoin saw an explosive crash after its rollout on the Base blockchain, losing nearly 99% of its value. The token peaked at $199 and later dropped to around $0.86, wiping out an estimated $1.6 billion in valuation.
Hunter Biden denied allegations that the project was a rug pull, claiming that demand exceeded supply, leaving liquidity unable to keep pace with purchased activity.
He also attributed the instability to technical issues and front-running bots, saying that the team's tokens remain locked and no one from the team has earned revenues from the project.
However, on-chain analysts disputed this explanation, pointing out suspicious fund movements before the rollout. One sales wallet cashed out $2.23 million, while two airdrop wallets sold 4,476 tokens each for a combined $647,000.