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Hunter Biden’s LAPTOP token drops nearly 98% after $1.6B debut
The memecoin briefly hit $190.81 minutes after launching on Base on Wednesday before sliding to about $3.70 within the first hour.
Hunter Biden’s LAPTOP memecoin debuted on Base on Wednesday and then rapidly unraveled, falling from an early spike to near collapse levels within an hour, according to CoinDesk. CoinDesk reported the token rose to $190.81 within two minutes of opening, then traded as low as $3.70 inside the first hour. With pooled liquidity around $2.5 million, the token was valued at roughly $1.6 billion an hour after launch, while the liquidity pool supporting it remained small.
About one hour after the open, LAPTOP was changing hands around $4.77, down about 98% from its intraday peak, CoinDesk said. That equated to a market capitalization near $1.6 billion, based on a verified circulating supply of 350 million tokens, with a fully diluted valuation near $4.8 billion, the outlet added.
CoinDesk also cited blockchain data showing a multisig linked to the LAPTOP token moved 100 million tokens, or about a tenth of supply, in the week before trading opened. The same records point to transfers to market maker GSR totaling 15.5 million tokens and 14.5 million tokens to an unlabelled address roughly two hours before the market opened, among other activity.