LAPTOP Memecoin Implodes After Reaching $50 Billion Market Cap

Launched on Base, a Layer 2 blockchain developed by Coinbase Global Inc. (NASDAQ: COIN), Hunter Biden's LAPTOP memecoin experienced a meteoric rise in its first few minutes of trading.

The coin, which was released at around $37, surged to an all-time high of $401.12 within minutes, pushing its market capitalization to a staggering $50 billion.

However, the frenzy was short-lived, as LAPTOP crashed by 98% just an hour later, with 80% of traders suffering significant losses due to insider distribution rather than ordinary selling.

The coin has continued to face heavy selling pressure and is now down over 99% in its first week, a performance far worse than that of President Donald Trump's TRUMP memecoin in its debut week.