$LAPTOP Token Crashes by 99% After Soaring to $110 Billion Market Cap
Hunter Biden's memecoin, $LAPTOP, experienced a wild first day of trading. After launching on Wednesday, the token's market cap skyrocketed to $110 billion within minutes, but its value quickly plummeted by 99% by the end of the hour.
The price of $LAPTOP had jumped from $3 to over $300 in seconds when trading began, only to fall back to its original level and continue tumbling. By Thursday morning, the token was selling for roughly 73 cents per unit, far below its high but still higher than its initial launch price of 5 cents.
Hunter Biden attributed the rapid price spike and subsequent crash to technical issues and 'predatory sniper bots' that sought to exploit liquidity providers. He assured investors that the team behind $LAPTOP is committed to improving liquidity, deploying 4 million tokens (0.40% of the total supply) to incentivize market makers.
The launch of $LAPTOP also triggered two qualifying events that will permanently destroy 10 million tokens, which founders believe will increase the value of remaining coins.