LAPTOP Memecoin Crashes Over 99% After Briefly Topping $300

Hunter Biden's memecoin, LAPTOP, experienced an extraordinary surge and collapse on its first trading day. Launched on the Base network, the token's price briefly skyrocketed to over $300 before plummeting by more than 99%. This catastrophic drop saw the token's market capitalization fall from approximately $110 billion to almost nothing.

The airdrop recipients, who were subscribers to Hunter Biden's Substack newsletter prior to September 6, received 4,276 LAPTOP tokens. At the token's peak of over $300, this allocation was worth around $1.3 million per person.

However, with the price collapse, the value of the airdrop evaporated within hours. According to on-chain data, more than 80% of wallets that purchased LAPTOP were at a loss following the launch, with approximately 60% of the largest token holders being new wallets funded within the last 10 days.