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FollowingThe "Hunter Biden LAPTOP" memo coin fluctuated violently at the opening, with its market value soaring to US$110 billion and then plunging more than 99%
According to DexScreener data, the "Hunter Biden LAPTOP" memo coin fell into extreme volatility at the opening on Wednesday. The coin's market value briefly soared to approximately US$110 billion in the first hour of launch, before experiencing a sharp drop of more than 99%. After the airdrop, the token's price once exceeded $300, but almost all of the increase was given up. As of 4:10 a.m. Coordinated Universal Time (UTC) on September 10, it was trading at approximately US$0.84.
The project team attributed the price crash to two main factors: predatory sniper robots that attacked the token immediately after its issuance; and insufficient liquidity in the hands of market makers and inability to absorb huge trading volume.
Team announces countermeasures and planned liquidity plan
In a post posted on Wednesday, the project team said that the initial pool set the starting price of the token at US$0.05 and quickly attracted a large amount of demand. This demand made the token an immediate target for automated sniper robots, and the market maker's initial liquidity was insufficient to cope with this demand, causing prices to surge sharply before additional supplies were deployed, and then to reverse equally quickly.
To address the liquidity shortage, the team said it plans to release 4 million tokens (0.4% of the total supply) starting at midnight UTC on September 10 to stimulate liquidity in the Aerodrome pool.
Blockchain analytics company Bubblemaps described the offering as a "massacre," reporting that about 80% of LAPTOP traders lost money. Among these losers, about 2 traders lost between $100,000 and $1 million, about 100 traders lost between $10,000 and $100,000, and about 700 traders lost between $1000 and $10,000.
Destruction, Airdrop Structure, and Account Suspension Events
The project party confirmed that two prediction-based events related to its token allocation had both results of "Yes", resulting in the destruction of a total of 10 million tokens. The destruction is expected to reduce circulating supplies by 1% in the first week. Based on the token structure, 30% of the total supply is tied to 30 real-world predicted events. Relevant tokens with a "yes" result will be destroyed; relevant tokens with a "no" result will be donated to charity.
The first resolved predicted event was pegged to 5 million tokens, triggered by a public mention of LAPTOP by digital artist Beeple. The team did not disclose the specific circumstances behind the second resolved predicted event. In addition, the team confirmed that the project was not pre-sold and no tokens were allocated to Internet celebrities or Key Opinion Leaders (KOL) before being publicly launched. 80 million LAPTOP tokens have been made available to Hunter Biden Substack subscribers who joined the platform before September 6.
Biden himself posted on Platform X (formerly Twitter) that the official account of the LAPTOP Foundation has been suspended and said the team is working hard to restore the account.
