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FollowingHunter Biden's "LAPTOP" meme coin plunged 97.8% in the first hour of opening
Hunter Biden's "LAPTOP" meme coin plunged 97.8% in the first hour of trading. The price of the token briefly soared to nearly $200, but immediately triggered a massive sell-off that caused losses to thousands of traders.
The token was launched on the Base network on September 9 and quickly attracted speculative buying. Its price soared from its initial level to about $200 after the opening, but fell below the $5 mark in just an hour. This sharp fluctuation highlights the high risks faced by entering the market in the early stages of listing of the thinly liquid memecoin.
However, this dramatic price trend has not been supported by a corresponding scale of funds. According to reports, the multi-billion-dollar implicit valuation of "LAPTOP" is supported only by relatively limited liquidity. Therefore, large orders may cause significant fluctuations in the price of the token, making its apparent market value unable to truly reflect the actual amount of capital in the market that can be used to absorb selling pressure.
At the same time, high concentration of chips further increases the risk. Nicolas Vaiman, CEO of Bubblemaps, pointed out that the token's supply structure is "extremely concentrated." This structure makes newly listed tokens particularly vulnerable to large holders starting to sell.
Another factor exacerbating market volatility is the advantage of automated traders at the opening stage. Since "LAPTOP" initially traded through a decentralized exchange, trading robots can respond to listing news faster than ordinary investors. This accelerated the initial buying pressure to a certain extent, and then the market quickly reversed.
Some early traders took advantage of volatility, while others who bought at high levels suffered huge losses. Bubblemaps data shows that about 80% of traders lost money and more than 15,000 wallets were affected.
Hunter Biden: Symbol of resilience and redemption
Despite the speculative nature surrounding this offering, Hunter Biden said that "LAPTOP" is more than just an ordinary meme coin. He positioned it as a response to the controversy surrounding his laptop and tried to distinguish it from the "TRUMP" token issued by Donald Trump.
Hunter Biden wrote: "For years, Trump and the right-wing media have been asking: 'Where is Hunter? Where is Hunter?' Now I'm here. I stayed awake for seven years, clear, firm, and had a lot to say." "The symbol they used to try to end me has now become a symbol of resilience, redemption and recovery," he stressed.
In addition, Hunter Biden acknowledged public skepticism about celebrity endorsements of cryptocurrencies and outlined plans to allocate some project tokens to the community. He also said that some of the tokens will be distributed to those who lose money on "TRUMP" tokens.
"You shouldn't expect me or anyone to increase the value of the token for you," he pointed out. LAPTOP 'is not just about having something, it's about expressing a certain position."
Expert opinion: The sustainability of celebrity memecoin is questionable
Despite this, the rapid collapse of the project has once again raised concerns about the durability of celebrity memecoin.
Steve Sosnick, chief strategist at Interactive Brokers, commented in an interview: "My first reaction was that this was a 'outdated' model. Memin's historical record is volatile at best, and it's unclear whether the project has the background support or opportunity needed to break this trend."
