LAPTOP Price Plunges Over 99% After Brief $300 Surge

Hunter Biden's cryptocurrency project LAPTOP saw a turbulent launch on Wednesday, with its price briefly reaching $300 before plummeting over 99% in value. The team behind the project attributed the extreme volatility to sniper bots and thin initial liquidity.

The token's market capitalization reached around $110 billion at one point, but it later crashed to around $0.84 as of Thursday morning. Blockchain analytics firm Bubblemaps described the launch as a 'bloodbath,' with about 80% of traders losing money.

According to the LAPTOP team, the initial pool launched the token at $0.05 and encountered significant demand, attracting predatory sniper bots. The market maker's insufficient initial liquidity led to a sharp price spike up and down before liquidity could catch up.

The team is working to ensure that available liquidity better meets trading demand, with plans to deploy 4 million tokens on September 10 to incentivize liquidity. Token burns are also planned, with two events tied to the coin's prediction-based allocation already resolved, resulting in a total of 10 million tokens being burned.

Biden said in an X post that he is 'not going anywhere,' and the team clarified that there was no token presale or allocations to influencers. The airdrop went to real people who joined Hunter Biden's Substack before September 6, with 80 million LAPTOP available for claim.