Hunter Biden’s LAPTOP blames bots after 98% crash as traders rack up six-figure losses
The LAPTOP cryptocurrency token experienced a massive price crash shortly after launch, resulting in significant financial losses for many traders. The project team attributed the volatility to automated sniper bots and has announced plans to incentivize liquidity to stabilize the token.
Why it matters
This incident highlights the extreme risks and volatility associated with new token launches in the decentralized finance space, particularly regarding automated trading bots.
The project said LAPTOP launched at 5 cents into heavy demand, but its initial liquidity was too small to absorb the rush of automated traders.
Sniper bots are programs built to detect new token launches and buy within seconds, getting ahead of regular users before prices adjust. The token spiked and reversed just as quickly.
The team said it will deploy another 4 million tokens, equal to 0.4% of total supply, to incentivise liquidity on Aerodrome pools from Sept. 10.
Early data shared with CoinDesk by blockchain analytics firm Nansen gives a first look at who was caught. Nansen recorded 46,675 buy transactions against 16,038 sells over 24 hours, from 20,085 unique buyers and 8,714 unique sellers. Most of the people who bought have not sold.
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