A new memecoin tied to Hunter Biden's infamous laptop cratered almost immediately after its high-profile launch, shedding 98% of its value within an hour of hitting a $1.6 billion valuation.
A Rapid Collapse
The token, dubbed LAPTOP, began trading on Coinbase's Base network at a market capitalization of roughly $1.6 billion. Within minutes of opening, its price collapsed from about $190 to under $4, wiping out the vast majority of its notional value almost as soon as retail traders could get involved.
The dramatic swing is a familiar pattern in the memecoin space, where hype-driven launches frequently produce explosive early prices that evaporate once initial holders begin selling. In LAPTOP's case, the descent was steeper and faster than most, leaving latecomers holding tokens worth a fraction of the debut figure.
A $1.6 billion valuation vanished in the time it takes to read a headline.
Questions Over Distribution
Onchain records raised red flags about how the token was set up before public trading began. Blockchain data indicated that tokens had already been distributed to market makers for a full week ahead of the launch, meaning certain parties held supply well before ordinary buyers had any access.
That kind of pre-distribution is often cited by critics as a hallmark of launches structured to benefit insiders. When early recipients can sell into the initial buying frenzy, the resulting price action tends to punish those who arrive after the debut.
Key details from the launch include:
- An opening market capitalization of about $1.6 billion
- A price that fell from roughly $190 to under $4 in minutes
- Tokens distributed to market makers a week before trading opened
The episode adds to a growing list of celebrity- and personality-themed tokens that have drawn scrutiny for volatile launches and questionable distribution practices, underscoring the risks retail participants face when chasing headline-grabbing crypto debuts.