Hunter Biden's new LAPTOP token lost 98% of its value in under an hour after $1.6 billion debut
A new cryptocurrency token named LAPTOP, inspired by Hunter Biden's 2020 election controversy, lost 98% of its value within an hour of its debut. Despite a high initial market valuation, the token suffered from low liquidity and significant sell-offs by early holders.
Why it matters
The incident highlights the extreme volatility and speculative nature of meme-based cryptocurrencies and the risks associated with low-liquidity token launches.
The token was changing hands at $4.77 an hour after the open, down around 98% from the intraday peak. That gives a market capitalization of roughly $1.6 billion against a verified circulating supply of 350 million tokens, and a fully diluted valuation near $4.8 billion. Pooled liquidity stood at $2.5 million, according to CoinMarketCap .
Blockchain intelligence firm Arkham said that shortly after the open the token's FDV had reached $144 billion while the liquidity pool backing it held $48,000. Volume across 314 pairs was roughly $19 million in the first hour, concentrated in an Aerodrome Slipstream USDC pool taking 46.8% of turnover and Uniswap v4 on Base taking most of the rest.
LAPTOP is named after the computer Hunter Biden , son of former President Joe Biden, left at a Delaware repair shop in 2019, the contents of which became a fixture of the 2020 election.
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