Hunter Biden’s LAPTOP memecoin plunged 97.8% within its first hour of trading after briefly soaring to nearly $200, turning a highly publicized launch into a rapid sell-off that left thousands of traders facing losses.
The token launched on the Base network on September 9 and quickly attracted speculative buying. Its price surged from the opening level to roughly $200 before collapsing below $5 within about an hour. The extreme move highlighted the risks of entering a thinly traded memecoin during its first minutes on the market.
However, the dramatic price action was not necessarily backed by an equivalent amount of capital. Reports indicated that LAPTOP’s multibillion-dollar implied valuation was supported by only a relatively small amount of liquidity. As a result, large orders could move the token dramatically in either direction, making its headline market capitalization a poor representation of the capital actually available to absorb selling.
At the same time, supply concentration added another layer of risk. Bubblemaps CEO Nicolas Vaiman described the token’s supply as “extremely concentrated,” a structure that can leave a newly launched token particularly vulnerable when large holders begin selling.
Adding to the volatility, the opening also favored automated traders. Because LAPTOP initially traded through decentralized exchanges, trading bots could react to the launch faster than ordinary investors. This helped accelerate the initial buying pressure before the market quickly reversed.
Some early traders profited from the volatility, while others who bought near the peak suffered substantial losses. Bubblemaps data indicated that roughly 80% of traders lost money, with more than 15,000 wallets reportedly affected.
Despite the speculation surrounding the launch, Hunter Biden had presented LAPTOP as more than a conventional memecoin. He positioned it as a symbolic response to the controversy surrounding the laptop associated with him and sought to distinguish it from Donald Trump’s TRUMP token.
“For years, Trump and right-wing media have been asking, ‘Where’s Hunter? Where’s Hunter?’ Well, here I am. Clear, strong, seven years sober, and with a lot to say,” Biden wrote. “The symbol they used to try to end me is now a symbol of resilience, redemption, and recovery.”
Moreover, Biden acknowledged the skepticism surrounding celebrity-backed cryptocurrencies and outlined plans to distribute part of the project’s supply to the community. He also said some tokens would go to people who lost money on TRUMP.
“You should not expect me or anyone else to make this token more valuable for you. LAPTOP isn’t just about owning something, it’s about saying something.” He noted.
Nevertheless, the project’s collapse reinforced concerns about the durability of celebrity memecoins.
“My initial reaction was, ‘That’s so last year.’ The track record of memecoins has been rocky at best, and it was not clear that this issue had either the backer or the timing to buck that trend,” said Steve Sosnick, Interactive Brokers chief strategist, in an email exchange with MarketWatch.
