$LAPTOP Token Value Plunges Over 99 Percent After Launch

The cryptocurrency market saw a sharp drop in value for $LAPTOP, a memecoin launched in connection with Hunter Biden. On-chain data shows that Wintermute, a market maker, acquired 2.5 million $LAPTOP tokens from the $LAPTOP team and has begun selling them on-chain.

According to Lookonchain data, Wintermute sold 466,255 $LAPTOP tokens at an average price of $4.47, resulting in a total value of approximately $2.08 million. This sharp drop in value reached remarkable proportions just hours after the token's launch, with its fully diluted market capitalization (FDV) falling by over 99% from its peak.

The FDV fell from over $300 billion to around $1.8 billion within two hours of the token's launch, while trading volume was recorded at around $9.6 million during this period. Interestingly, two new wallets that received tokens from the $LAPTOP airdrop generated over $647,000 in revenue in a short time by selling their tokens.

Serenity commented on the sharp decline in value of $LAPTOP, stating that it was not surprised by the token's drop of over 99% after its launch. Serenity argued that such token issuances do not create a positive overall outcome for individual investors and therefore does not support similar token launches.