LAPTOP Memecoin Soars to $110B Market Cap Before Catastrophic Crash

Hunter Biden's new memecoin, LAPTOP, had a wild first hour of trading on Wednesday. It briefly reached a market capitalization of around $110 billion before crashing more than 99%. The token started trading at around 8 a.m. ET and quickly climbed to over $300 per token, according to DexScreener data.

Some lucky holders didn't even have to buy the token. As part of LAPTOP's tokenomics, 10% of its 1 billion-token supply was set aside for an initial community airdrop. Biden said that anyone subscribed to his Substack before September 6 would be eligible to receive free tokens.

Onchain data shows that Substack subscribers were able to claim 4,276 LAPTOP tokens each. At its peak price of around $300, this allocation would have given each subscriber a paper value of nearly $1.3 million. However, the token's thin liquidity and short-lived peak made it impossible for holders to realize anything close to that.

Even hours after the crash, at a price of around $2 per token, subscribers could still turn their allocation into an easy $8,000. Fresh onchain data from Bubblemaps found that more than 80% of wallets that bought the token were in the red following the launch, representing over 11,500 wallets.

LAPTOP's largest holders had little or no prior onchain history. Roughly 60% of the top holders were fresh wallets funded within the past 10 days, with most receiving their initial funding on Wednesday. Biden pitched LAPTOP as a memecoin 'built around resilience, redemption, and recovery' and as a way to give back to his supporters.