Hunter Biden memecoin plunges 99% after volatile launch

Reading Time: < 1 minute

The team behind Hunter Biden’s LAPTOP memecoin attributed its first-day collapse to automated trading bots and limited liquidity, after the token briefly reached a market capitalisation of about $110 billion.

LAPTOP surged above $300 during its first hour of trading on Wednesday before losing more than 99% of its value, according to DexScreener. The token was trading at around $0.84 by 12:10 a.m. ET on Thursday.

Blockchain analytics firm Bubblemaps said roughly 80% of traders lost money during the launch, with some losses reaching up to $1 million. The project team said the initial liquidity pool started at $0.05 and was unable to absorb the strong demand, allowing sniper bots to drive a sharp price spike before liquidity increased.

The team said it plans to introduce incentives to improve liquidity in the token’s pools.