Donald Trump · Joe Biden · The Block
Hunter Biden’s LAPTOP airdrops briefly worth over $1 million each before 99% crash
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Hunter Biden's newly launched LAPTOP memecoin had a wild first hour of trading on Wednesday, briefly reaching a market capitalization of around $110 billion before crashing more than 99%.
Key facts
- Hunter Biden's newly launched LAPTOP memecoin had a wild first hour of trading on Wednesday, briefly reaching a market capitalization of around $110 billion before crashing more than 99%
- As part of LAPTOP's previously announced tokenomics, 10% of its 1 billion-token supply was set aside for an initial community airdrop
- He also criticized the wave of political memecoins launched over the past two years, taking a jab at President Donald Trump's memecoin and reserving 2% of LAPTOP ’s total supply for traders who lost
- Fresh onchain data from Bubblemaps also claims that more than 80% of wallets that bought the token were in the red following the launch, representing over 11,500 wallets that bought the token
Summary
The Base-based token began trading shortly after 8 a.m. Some of the biggest potential beneficiaries of the surge didn't even have to buy the token. Onchain data shows that Substack subscribers were able to claim 4,276 LAPTOP tokens each. But realizing anything close to that would have been nearly impossible given the token's thin liquidity and short-lived peak.