Hunter Biden launched the Meme coin $ LAPTOP After going live, there were sharp fluctuations. The token was packaged around the concept of the "laptop incident," and its price soared rapidly in the short period after the market opened, but then it quickly fell back, sparking doubts in the market regarding liquidity and the trading structure.
At one point during the session, it rose to around $225.
Reports show that on Tuesday, the price of $ LAPTOP started at around $37, and then it rose to nearly $225 at one point. By noon of the same day, the price had fallen back to around $2. By Thursday, the token was trading at about $0.60, representing a cumulative decline of about 98% from its initial high upon launch.
During this round of decline, the token price fell by about 80% in just a few minutes, and immediately afterwards, there were doubts on social media about "pulling up prices to sell off." This term usually refers to the situation where the token creators or early holders sell their tokens in large quantities at high prices, causing those who bought later to suffer significant losses.
The project party claims there is a lack of liquidity.
Hunter Biden subsequently responded on the X platform, stating that there was insufficient liquidity during the initial launch phase, which made it impossible to handle the concentrated buying orders after the platform went live. He also attributed the abnormal price fluctuations to technical issues, as well as to "sniper" traders who attempted to execute transactions before liquidity providers could.
He stated that after a short-term surge in price, it has returned to a "more healthy" level. According to him, no pre-sales were conducted to investors or internet celebrities before the project was launched. The team also made the contract address and token distribution details public in advance, and completed a security audit.
- Opening price of approximately $37.
- The intraday high approached $225.
- Thursday price is around $0.60.
Politics Meme Currency Volatility Comes Under Attention Again
Business Insider mentioned in the report that Meme coins have shown similar trends recently. Trump's launched $TRUMP token also experienced significant fluctuations over the past year, and although related investments once brought considerable returns, the token has also fallen by about 77% within 12 months.
Some market participants believe that such tokens will undermine the sentiment of the broader crypto market. CoinRoutes, a trading platform, and its co-founder David Weisberger stated to Business Insider that the trend of $LAPTOP is not fundamentally different from that of other highly monitored cryptocurrencies ($Meme) recently; both have seen rapid declines after short-term speculation.
