LAPTOP Token Crashes 95% Within 30 Minutes of Launch

Hunter Biden's meme coin, LAPTOP, crashed by over 95% within 30 minutes of its launch on Base. The token's fully diluted valuation (FDV) peaked at $144 billion, but it quickly fell to $5 billion after reaching an intraday high of $401.12.

The crash was largely due to selling pressure from market makers and traders who had bought into the token's hype. Wintermute, a trading firm, reportedly took in 2.5 million LAPTOP tokens and sold them on centralized exchanges.

Despite warnings from analysts like Bubblemaps, who called out the project's suspicious setup, many traders still got caught up in the hype. One buyer spent $200,000 on 919 tokens, only to see their value drop to around $3,000.