Hunter Biden Meme Coin LAPTOP Soars to $110 Billion After Launch, Then Plunges More Than 99%
Summary
- Hunter Biden’s meme coin 'LAPTOP' showed sharp volatility after trading began, surging to a market capitalization of $110 billion before plunging more than 99% within minutes.
- Of the token’s 1 billion total supply, the 10% airdrop allocation briefly implied a paper value of about $1.3 million per recipient when the token traded near $300, but that later fell to roughly $8,000 as the price dropped to about $2.
- According to on-chain analytics firm Bubblemaps, more than 80% of wallets that bought LAPTOP are underwater, while about 60% of top holders were identified as newly funded wallets that received funds within the past 10 days.
Forecast Trend Report by Period
Hunter Biden’s meme coin LAPTOP showed extreme volatility after trading began, surging to a market capitalization of $110 billion before plunging more than 99% within minutes.
The Block reported that the Base-based token began trading shortly after 8 a.m. Eastern time on September 9 and jumped to more than $300 apiece. The peak was brief, and the token soon surrendered most of its gains.
The price spike briefly gave airdrop recipients sizable paper gains. LAPTOP allocated 10% of its 1 billion-token supply to an initial community airdrop. Biden had said users who subscribed to his Substack by September 6 would be eligible to receive free tokens.
On-chain data showed each subscriber could claim 4,276 LAPTOP tokens. At a token price of about $300, that implied holdings worth roughly $1.3 million per person.
Thin liquidity and the short-lived peak, however, likely made it difficult in practice to sell an entire position at that level. Even after the crash, when the token fell to about $2, the airdropped allocation was still worth roughly $8,000.
Most buyers appeared to be sitting on losses. On-chain analytics firm Bubblemaps said more than 11,500 wallets, or over 80% of wallets that bought LAPTOP, were underwater after the launch.
Bubblemaps also found that many of the largest holder wallets had been created recently. About 60% of the top holders were new wallets funded within the past 10 days, and most first received funds on the day LAPTOP launched.
LAPTOP is a meme coin Biden launched under the themes of “resilience, redemption and comeback.” Thirty percent of the total supply was allocated to founders, including Biden, and will be unlocked over 24 months after a six-month lockup.
Another 30% was designed to be burned or donated to charities depending on the outcome of real-world events. A separate 2% of the total supply was earmarked for traders who lost money investing in President Donald Trump’s meme coin TRUMP.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.