Hunter Biden Blames Liquidity and Snipers After LAPTOP Memecoin Crashes 98%
Hunter Biden has denied that he or his team sold tokens after his LAPTOP memecoin suffered a launch-day collapse of as much as 98%, while the project attributed the sharp price swings to insufficient liquidity and automated trading activity.
Cointelegraph reported that Biden rejected suggestions that the team profited from the crash, saying the team allocation was locked and that nobody on his side had sold tokens. He also said he had personally made no money from the launch.
LAPTOP Falls Sharply After Launch
The LAPTOP token lost more than 95% of its value during the first hour of trading on Wednesday, according to Cointelegraph. Biden attributed the price action to insufficient liquidity and “snipers,” referring to automated trading bots that move quickly when newly launched tokens begin trading.
The memecoin launched on the Base blockchain and initially entered trading at $0.05, according to a community update cited by Cointelegraph. The LAPTOP team said the liquidity provided by its market maker was insufficient to absorb demand during the launch, contributing to the rapid price movements.
The project subsequently announced plans to deploy 4 million LAPTOP tokens, equivalent to 0.4% of the total supply, as liquidity incentives for Aerodrome pools beginning at midnight UTC on Thursday. It also said it planned to burn 10 million tokens during the first week of the launch through its predictions program, representing 1% of the original total supply.
Project Rejects Insider Sale Claims
The LAPTOP team said there was no token presale and that no allocations were made to investors or influencers. It also said the contract address, token allocations, Hacken security audit and white paper were published before trading began.
The project stated that founders received 300 million tokens, representing 30% of the 1 billion token supply. Those tokens are locked for six months and then scheduled to vest monthly over the following 24 months. Another 30% of the supply is allocated to predictions involving political, cultural and crypto events, while 2% is reserved for wallets that lost money on the TRUMP memecoin and 8% for eligible subscribers to Biden’s “Where’s Hunter” Substack newsletter.
Onchain Data Shows Mixed Results
Nansen data shared with Cointelegraph showed one LAPTOP wallet with an unrealized loss of $117,800 and another with a paper loss of $12,300. Two other wallets had unrealized gains of $13,100 and $1,800. None of those four wallets had sold LAPTOP at the time of the snapshot, while the analysis covered five selected wallets.
During the 24-hour period examined by Nansen, the token recorded 46,675 buy transactions and 16,038 sell transactions involving 20,085 unique buyers and 8,714 unique sellers. Bubblemaps also reported that 60% of LAPTOP’s top-holder wallets had no prior activity, defining fresh wallets as those funded within the previous 10 days.
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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