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FollowingHunter Biden's "LAPTOP" memecoin encounters violent fluctuations on the Base chain
Hunter Biden's "LAPTOP" Memecoin's initial launch on the Base blockchain was extremely turbulent. The price of the token briefly soared to more than $300 in the first hour of trading, before plunging more than 99%. At present, the project team has issued a statement explaining, attributing the main reasons for the collapse to the malicious operation of sniper robots and the serious shortage of liquidity pool.
The chaotic issuance process
The "LAPTOP" token showed extremely high volatility in the first hour of trading, with its market value reaching approximately US$110 billion at one point, but then fell by more than 99%. After the airdrop, the token price briefly exceeded $300, but then gave up most of the gains.
Blockchain intelligence firm Arkham pointed out that shortly after it was opened for trading, the token's fully diluted valuation (FDV) was as high as $144 billion, while the liquidity pool supporting its transactions was only $48,000. According to the foundation, the initial unit price of the liquidity pool is US$0.05. As demand surges, the initial liquidity of market makers is quickly exhausted. In addition, automated sniper robots that specialize in searching for cheap tokens in newly established liquidity pools exacerbated the volatility, causing prices to surge first and then collapse within minutes.
Denial of internal advantages and huge losses for retail investors
In response to speculation that insiders had an advantage, the "LAPTOP" team refuted, saying that the project had no pre-sales and no tokens were allocated to investors, Internet celebrities or key opinion leaders. Before the transaction began, the team had disclosed the contract address, token allocation plan, security audit report and other necessary disclosure information. The team released the response on Medium earlier Thursday after Platform X (formerly Twitter) had suspended the official account of the project.
Blockchain analysis company Bubblemaps described the launch as a "river of blood." Data shows that about 80% of "LAPTOP" traders suffered losses. These included two traders with losses between $100,000 and $1 million, about 100 traders with losses between $10,000 and $100,000, and about 700 traders with losses between $1000 and $10,000. In comparison, the sniper robot, which made the most profit when it launched, earned about $335,000, while a retail buyer's $200,000 investment eventually shrank to about $3000.
This incident highlights the fact that extremely low initial liquidity can easily be exploited in popular token offerings, exposing ordinary traders to rapid and severe asset losses.
Future Plans
Looking ahead, the foundation said it will inject 4 million tokens (0.4% of the total supply) into the Aerodrome Liquidity Pool as liquidity incentives starting September 10. In addition, two predicted events will be settled as "YES" and 10 million tokens (1% of total supply) are expected to be destroyed in the first week.
