Crypto
LAPTOP Token Crashes Over 99% in Value Within Hours
Hunter Biden's new token, LAPTOP, has crashed over 99% in value within hours of its launch. The token briefly topped a $200 billion fully diluted valuation (FDV) after launching above $100 billion on September 9th.
The sudden collapse of the token is attributed to concentrated supply and extreme trading swings. According to Bubblemaps data, founders, airdrop wallets, the foundation, and liquidity wallets accounted for almost 90% of the supply before launch, with Biden and co-founders controlling up to 30%
Market-maker activity also added another variable to the token's volatility. Wintermute received 2.5 million LAPTOP tokens and sold about 500,000 for $2 million across 356 transactions.