Hunter Biden's memecoin crashes 99% after launch
The team behind the newly launched LAPTOP memecoin linked to Hunter Biden has blamed sniper bots and insufficient liquidity for the token's sharp price swings during the first hours of trading. The developers now plan to boost liquidity in trading pools by allocating additional tokens.
According to The Block, LAPTOP had an extremely volatile debut on Wednesday. DexScreener data showed that shortly after launch, the token's market capitalization briefly reached around $110 billion before plunging by more than 99%.
After the airdrop, LAPTOP's price surged above $300 but then gave up almost all of its gains. On Thursday, the token was trading at around $0.80.
Most traders lost money
Blockchain analytics firm Bubblemaps described the LAPTOP launch as a "bloodbath." According to the company, around 80% of traders who traded the token ended up losing money.
Two market participants lost between $100,000 and $1 million each. Around 100 traders lost between $10,000 and $100,000, while roughly 700 others lost between $1,000 and $10,000.
In a statement published on Wednesday, the LAPTOP team explained that the token initially entered the pool at a price of $0.05. Strong demand quickly made it a target for sniper bots, which automatically buy newly launched tokens as soon as trading begins.
According to the developers, the market maker's initial liquidity was not sufficient to meet the level of demand. As a result, the price surged sharply and then fell just as quickly before liquidity could catch up.
Team to add 4 million tokens to pools
The project plans to increase available liquidity so that it better matches trading demand. On September 10, the team will allocate 4 million LAPTOP tokens to incentivize liquidity in Aerodrome pools.
This represents 0.4% of the token's total supply.
The project also announced that part of the token supply will be burned. Two events linked to LAPTOP's prediction-based allocation system resolved "Yes," meaning that 10 million tokens will be destroyed.
The team expects the burn to reduce LAPTOP's circulating supply by 1% during the first week after launch.
Biden says the project will continue
In a separate post on X, Hunter Biden said the platform had suspended the LAPTOP Foundation's official account. The team is working to restore access.
"I'm not going anywhere," Biden said.
The developers also clarified how the token was distributed. According to the team, LAPTOP had no presale and no special allocations for influencers.
The project said nobody was able to buy LAPTOP before the public launch and that it did not pay key opinion leaders to promote the token.
As part of the airdrop, 80 million LAPTOP tokens are available to Hunter Biden's Substack subscribers who signed up before September 6.
Earlier, Biden revealed details of how the LAPTOP memecoin would work.
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