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FollowingDaily Morning Briefing
Author: Tyler Warner. The views and analysis expressed in this article are the author's personal positions and do not necessarily represent Decrypt's official views.
Today's top news: Hunter Biden's "LAPTOP" meme coin crash
Hunter Biden's meme token LAPTOP was launched on the Base chain on Wednesday and reached a peak price of US$190.81 just 120 seconds after launch. However, the market quickly reversed, falling as much as 90% in 30 minutes. An hour later, the trading price of the token fell to about $4.77, and further fell back to around $1.80 in the afternoon, down about 99% from its peak. This airdrop token, which is designed to compensate for losing wallets in Trump-related memecoins, created a large number of new "losers" on its first trading day.
Of course, there are a lucky few who make a lot of money. One of the wallets withdrew $249,800 from Binance before the launch, purchased 9,124 tokens for approximately $27, and sold most of them at nearly $129 within minutes, cashing in approximately $1.18 million. This five-minute position brought in huge gains of $930,000. In addition, Hunter Biden Substack subscribers received airdrops worth more than $400,000 during the peak period, and some of them successfully realized monetization.
At the same time, there are also huge losers. For example, a user spent about US$200,000 to purchase 919 tokens when the price was close to US$218. An hour later, the value of the position was less than US$3,000-a heavy loss of 98.5% in just a few seconds.
As for the impact on the broader market, it is actually negligible. In the hours after the token was issued, mainstream assets and altcoins mostly remained stable, and the top items in the chain were not affected (until a sharp correction later in the day, see below).
Perhaps the violent market reaction this time will make the children of other celebrities or politicians hesitate when launching their own tokens. I hope so...
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