- LAPTOP fell from an all-time high of $401.12 to $0.84 within a day of its Wednesday launch on Base, a drop of about 99.8%.
- By Thursday morning the token had climbed back into the $1 to $2 range, then fell roughly another 70% within six hours, according to DexScreener and CoinMarketCap.
- The pool backing every trade held about $863,000 in liquidity against a market cap in the hundreds of millions, under a quarter of one percent.
Hunter Biden’s LAPTOP token was still swinging by double-digit percentages on Thursday morning, roughly a day after its launch and hours after its foundation’s own liquidity fix had already gone live.
LAPTOP opened its trading pool on the Base network at $0.05 on Wednesday. It spiked to an all-time high of $401.12 the same day, then crashed to $0.84 by 12:10am ET Thursday, a fall of about 99.8%. The foundation had already deployed 4 million LAPTOP, 0.4% of total supply, into liquidity pools at midnight UTC Thursday, before that trough was even reached.
The crash didn’t stop there. Checks of DexScreener and CoinMarketCap at roughly 8am ET Thursday put the token back up in the $1 to $2 range, then down close to 70% again inside the prior six hours. The token was still moving in double digits on both trackers, well after the liquidity incentive was supposed to be helping.
The reason isn’t mysterious. The pool actually available to absorb trades held about $863,000 at check time, against a market cap ranging from $475 million to $730 million depending on the tracker. That puts liquidity at under a quarter of one percent of market cap, thin enough that a handful of large orders in either direction can move the price by double digits within hours. A single batch of incentive tokens doesn’t change that ratio much.
Built as a jab at Trump’s own memecoin
LAPTOP was pitched as the opposite of a rug pull. Its tokenomics set aside 20% of supply for people who lost money trading Trump’s own TRUMP memecoin, which launched in January 2025, fell sharply after its debut, and drew “rug pull” accusations of its own. The foundation says there was no presale, no allocations to influencers, and that the 30% of supply held by founders sits in Coinbase Custody under a six-month lock and two-year vest.
“Nobody bought LAPTOP before you could,” the foundation wrote in a Medium post explaining the crash, adding that the airdrop “went to real people.”
The post blamed the spike and collapse on sniper bots overwhelming a market maker whose starting liquidity, in the foundation’s words, “was insufficient to meet this demand.”
This is Hunter Biden’s first known crypto venture. It followed a short media tour in the days before launch.
Who actually lost money
About 80% of LAPTOP traders finished underwater, per The Block’s review of wallet activity. Two wallets lost between $100,000 and $1 million each. Roughly 100 more lost over $10,000, and about 700 lost over $1,000. A separate on-chain wallet analysis found that most of the token’s largest holders had no transaction history before launch day, a detail that sits alongside, rather than instead of, the foundation’s bots-and-liquidity explanation.
The LAPTOP foundation’s official X account, not Biden’s personal account, was suspended on Wednesday. Biden used his own account to relay the news and add:
“I’m not going anywhere.”
Another 10 million LAPTOP, about 1% of circulating supply, is scheduled to burn as the project’s prediction-market bets resolve over the coming week. That burn trims supply. It doesn’t change the liquidity math above. If the token’s swings actually narrow over the next few days without a real jump in tradable liquidity, that would be the first sign the foundation’s mismatch explanation was right after all. Nothing in Thursday morning’s data showed that yet.
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