Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
FollowingCore Points
- A single transaction achieves huge profits
- Biden assumes full responsibility
- $LAPTOP memin fell in value by about 98% within minutes after its launch
- Initial liquidity was only US$5,000, Faced with extreme fluctuations caused by huge demand
- An anonymous trader converted $250,000 into $1.18 million
- More than 15,000 digital wallets suffered losses, accounting for about 80% of all participants
- Hunter Biden admitted failure and promised to "make amends," However, the specific remedial plan is not yet clear.
Hunter Biden's $LAPTOP memoin collapsed immediately after its launch.
On Wednesday, Hunter Biden's launch of $LAPTOP memoin triggered a financial disaster. Within just a few minutes of launch, the token allowed most early participants to evaporate a large amount of assets.
The cryptocurrency is named after the "laptop scandal" that has plagued Biden in recent years. According to Biden, the symbol has evolved into a symbol of "resilience, redemption and recovery" in his personal journey.
The initial trading phase was chaotic. Token prices soared from about $2.39 to a peak of $316 on some exchanges, before plummeting below $4. The highest price recorded by other data sources is about $190. Whatever the exact number, the decline is devastating.
Biden blamed the disastrous failure on the project's market maker, saying it provided only a meager $5,000 in liquidity when it went online despite strong buyer interest. This lack of liquidity has led to extreme price fluctuations.
Biden said in a video statement posted on Platform X (formerly Twitter) on Friday: "There is a big problem. This problem occurred within the first 30 seconds of the token going online."
According to CoinDesk, during its brief surge, the token's theoretical fully diluted market value reached US$144 billion, and almost negligible liquidity simply could not support such a high valuation. Biden observed that its market value temporarily exceeded that of BlackRock, which had a market value of more than $175 billion. He described the price movement as similar to "Mount Everest."
Huge profit from a single transaction
An anonymous trader successfully converted approximately US$250,000 into US$1.18 million in a few minutes. According to analysis by blockchain intelligence company Datault AI, this represents approximately $930,000 in revenue (excluding transaction fees).
In contrast, another investor who invested about $200,000 near the price peak held a token value of only about $2,000 after the crash.
Analysis by blockchain analytics company Bubblemaps shows that about 80% of participants suffered financial losses. More than 15,000 wallets recorded negative results, with most individuals losing less than $1,000.
Minorities have made significant profits. According to CryptoSlate, 88 wallets earned a total of $5.6 million during the launch event.
Biden takes responsibility
Biden revealed that he has invested six months in developing the project and has been involved in all aspects of its development, including token architecture and public display strategy.
He emphasized that neither he nor his collaborators cleared any tokens during the launch period. Team members are reportedly subject to a six-month lock-in period that prohibits them from selling during price spikes.
Biden declared: "This is my damn token. In the final analysis, this is my responsibility, and it was a big mistake."
He said the team was taking steps to increase liquidity and trading activity.
Biden did not announce a compensation plan for affected investors, but promised to continue to participate in the project.
He said: "I am 100 percent committed to it, and I promise you we will get it done."
