LAPTOP Token Collapses 99% After Debut as Team's True Intentions Come Under Scrutiny

The LAPTOP meme token, launched by Hunter Biden on September 9 at 8 PM Beijing time, saw a significant price drop of 99% within an hour after its debut.

According to CoinGecko data, the token's value reached nearly $200 in just one hour, with a fully diluted valuation (FDV) approaching $20 billion. However, it quickly plummeted from its peak, wiping out about $90 million of its market capitalization.

Rune, a blockchain analyst, pointed out that Hunter Biden's Substack subscribers each received 4276 tokens, which were then sold immediately, resulting in a price drop of 95% within 15 minutes. Two addresses associated with the subscribers sold their tokens for $404,000 and $243,000 respectively.

The team behind LAPTOP had claimed that it was a fair launch without any pre-sales or internal participants, but this seems to be disputed by the events that unfolded. Analyst Ai pointed out that three teams of market makers - GSR Markets, G20, and Wintermute - received a combined total of 2.3% of the token's total supply.

A user who invested $100,000 in LAPTOP saw their portfolio increase to over $1 million within minutes, while another investor lost nearly $200,000 due to the rapid price drop. Bonk Guy, a well-known crypto influencer, warned that anyone buying into the token at its current price should be prepared for a total loss.