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LAPTOP memecoin airdrops briefly topped $1 million per allocation before crash
Subscribers reportedly could claim 4,276 LAPTOP tokens each, and the token briefly hit about $300 before falling more than 99% in minutes.
Hunter Biden’s newly launched LAPTOP memecoin saw extreme volatility shortly after trading began, and an accompanying token airdrop briefly valued allocations above $1 million on paper before the price collapsed. According to The Block, the Base-based token started trading shortly after 8 a.m. ET and surged to more than $300 per token before giving back virtually all gains within minutes, eventually crashing more than 99%.
The project’s tokenomics included an initial community airdrop, reserving 10% of its 1 billion-token supply for Substack subscribers. The Block reports that onchain data shows subscribers were able to claim 4,276 LAPTOP tokens each, which would have put each allocation’s peak paper value at nearly $1.3 million if prices had held.
The article adds that turning those theoretical gains into realized returns was difficult due to thin liquidity and the short-lived spike. It also notes that even hours after the crash, with the token around $2, subscribers could still potentially convert an allocation into roughly $8,000.
Beyond the airdrop, analytics cited by The Block suggest many buyers ended up underwater. Bubblemaps data referenced in the piece claims more than 80% of wallets that bought LAPTOP were in the red following launch, and that many of the largest holders were fresh wallets funded within the past 10 days.