The meme coin LAPTOP, launched by Hunter Biden, son of former U.S. President Joe Biden, quickly crashed after going live on Coinbase's Ethereum Layer 2 network Base. It peaked at around $190 to $200 within about two minutes, then fell to approximately $3.7 to $4.8 within an hour, marking a decline of about 98%, and continued to drop to around $2.

The total supply of the token is 1 billion, with about 350 million in circulation at launch. The founding team, including Hunter Biden, received 30%, which will be locked for six months and then released over 24 months; about 20% is allocated for airdrops to wallets that lost money on the Trump meme coin TRUMP, Hunter's Substack subscribers, and a mailing list related to journalist Andrew Callaghan. Project documents describe it as an entertainment-focused digital collectible, not granting equity, voting, or revenue rights, and warn that the price could drop to zero.

On-chain monitoring showed that the fully diluted valuation corresponding to early quotes was pushed to about $144 billion, while the liquidity pool at the same time was only about $48,000; one hour later, the circulating market cap was about $1.6 billion, with liquidity in the pool around $2.5 million. In the first hour, about 314 trading pairs transacted approximately $19 million, with the USDC pool on Aerodrome contributing nearly half of the volume, while the rest mainly occurred on Uniswap v4 on Base. A multi-signature wallet related to the project received 100 million tokens a week before launch and subsequently sold about 42.5 million; market maker GSR received 15.5 million tokens four days before launch and sold them after opening, while the Wintermute address also held about 1.8 million tokens.

Bubblemaps statistics indicate that about 80% of traders incurred losses: over 11,000 wallets lost less than $1,000, about 700 lost over $1,000, around 100 lost over $10,000, and two wallets lost between $100,000 and $1 million. Additionally, one address bought about 100 ETH and sold for approximately $1.18 million; another position worth about $200,000 shrank to less than $2,000. Before launch, over ten imitation coins appeared on Solana, BNB Chain, and TON, with a total transaction volume of about $6.9 million.

Hunter tied the token narrative to the laptop left at a Delaware repair shop in 2019, which later became a focal point of controversy in the 2020 election, claiming that the other party turned the laptop into a weapon while he turned it into a token, and stated that TRUMP holders collectively lost about $3.8 billion. Some airdrop addresses were accused of being new wallets yet claimed about 4,276 tokens, with a peak paper value reaching around $1 million.

Market mechanisms show that buyers are short-term speculators chasing political celebrity traffic and front-running bots, while sellers are project-related addresses and market makers who obtained tokens before and after the opening; the driving force is the event itself rather than protocol cash flow. Funds are drawn from thin liquidity pools to the first sellers. Beneficiaries are addresses that sold before and after the peak, while those under pressure include late retail buyers, imitators, and subscription users who bet on the "fair distribution" narrative tied to airdrops.

Source: Public Information