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LAPTOP memecoin swings 99% after thin liquidity and sniper bots
The project said it will deploy 4 million tokens to Aerodrome pools to improve liquidity and burn 1% of circulating supply within the first week.
The Block reports that the team behind Hunter Biden’s newly launched LAPTOP memecoin attributed sharp first-day price swings to “sniper bots” and thin initial liquidity. The token briefly reached a market capitalization of about $110 billion on Wednesday before dropping more than 99%, after an airdrop briefly pushed the price above $300.
According to The Block, LAPTOP was trading around $0.84 as of 12:10 a.m. ET Thursday, after giving back most of its early gains. Blockchain analytics firm Bubblemaps characterized the launch as a “bloodbath,” saying about 80% of traders lost money, including two traders who lost between $100,000 and $1 million, around 100 who lost $10,000 to $100,000, and about 700 who lost $1,000 to $10,000.
The project said its initial liquidity was not enough to meet demand, leading to a spike and drop before liquidity could catch up. It added that it expects the burn mechanism tied to prediction-market allocations to reduce circulating supply by 1% within the first week, after two prediction events resolved “Yes,” with 10 million tokens expected to be burned.
The Block also says the team plans to improve liquidity by deploying 4 million tokens, equivalent to 0.4% of total supply, starting at midnight UTC on Sept. 10 on Aerodrome pools. The LAPTOP project previously described that 30% of the token supply is tied to 30 real-world predictions, and that when predictions resolve “Yes,” the associated tokens are burned, otherwise they go to charity.