LAPTOP Token Launch Turns Into Catastrophic Failure for Most Traders

Hunter Biden's token, LAPTOP, launched to great fanfare but quickly turned into a nightmare for most traders. The token, touted as a way to combat 'memecoin grift', saw nearly 80% of its holders lose money within hours.

The data from Bubblemaps showed that out of the 15,206 traders who bought LAPTOP, 12,151 lost money while only 3,026 made a profit. A further 29 traders were at break-even or held positions that couldn't be priced.

The losses were relatively small for most traders, with 11,311 wallets down less than $1,000. However, 726 traders lost between $1,000 and $10,000, another 112 lost between $10,000 and $100,000, and two were down between $100,000 and $1 million.

On the other hand, a small group of traders made significant profits. Just 88 traders collectively generated about $5.57 million in profit, helping to leave aggregate trader P&L slightly positive at roughly $178,000 despite almost four out of every five participants losing money.