$LAPTOP Price Plummets 99.5% Amid Market Maker Liquidity Issues
Hunter Biden, the son of US President Joe Biden, defended his cryptocurrency project $LAPTOP after it experienced a massive price drop in its first few minutes of trading.
The token, which launched on September 9th with a total supply of 1 billion coins, initially saw its value surge from $50 million to over $316 billion before plummeting 99.5% within minutes.
Biden attributed the extreme price fluctuations to insufficient liquidity from the market maker, stating that automated 'snipers' accounted for about 95% of the initial trading activity rather than human investors.
The project's team had set aside 30% of the total supply for liquidity and 20% for community distribution, with a portion designated for charitable causes. Biden assured that team wallets had not sold tokens as the market value declined.
Biden claimed to have identified the wallets involved in trading and promised to make things right for those who lost money, stating 'I will literally show completely transparently every single wallet that traded on it.'