A crypto trader tried to catch Hunter Biden’s LAPTOP, a meme coin built on Base, on the way down. It fell anyway, and he has already lost most of the $170,000 he spent buying the dip.
The trader bought 28,448.72 LAPTOP at $5.97 apiece, according to on-chain tracker Lookonchain. That stake is now worth about $21,000, an 87% loss from the purchase price, as it sits at $0.87 per token, according to a wallet tracked by DeBank.
A Coin Built to Crash
LAPTOP launched Wednesday and lost roughly 98% of its value within an hour, according to Quartz. It slid from a peak of $190.81 to as low as $3.70. The token settled near $4.77 an hour after opening. That valued it near $1.6 billion against a liquidity pool of just $2.5 million.
The mismatch was even starker earlier on. Blockchain intelligence firm Arkham found the pool backing LAPTOP trades held roughly $48,000 shortly after launch. The token’s fully diluted value briefly reached $144 billion.
Hunter Biden, the 56-year-old son of former President Joe Biden, built the token around his laptop. He left the device at a Delaware repair shop in 2019, and its contents fueled years of political controversy.
They turned laptop into a weapon. I turned it into a token.
— Hunter Biden, via Bloomberg
Taking Aim at Trumps’s Memecoin
Founders, including Biden, hold 30% of the coin’s one billion tokens, locked for six months and vesting over two years.
The Wall Street Journal reported the terms first. Another 20% goes to wallets burned by Trump’s coin, plus Biden’s Substack subscribers. A third slice goes to a mailing list tied to video journalist Andrew Callaghan. He says he has no role in the project.
The launch doubled as a jab at Trump. His TRUMP token still trades roughly 97% below its January 2025 peak, more than a year after debut.
I also want to make some money.
— Hunter Biden, via Bloomberg
The trader who bought at $5.97 was not the only one chasing LAPTOP’s opening spike. Another wallet spent $200,000 near the all-time high, and that stake shrank to a few thousand dollars within hours.
For the dip buyer, the second crash offers a reminder. The coin’s volatility did not end with its opening hour. A thin order book can punish latecomers just as easily as it punished the traders who bought the top.
Source: BeInCrypto