Wintermute sold over 2 million dollars worth of tokens.

Written by: Mah, Foresight News

On the evening of September 9 at 8 PM, the meme coin LAPTOP, launched by Hunter Biden, opened on Base. By around 11 PM, due to extremely thin liquidity pools, extreme price spikes occurred immediately upon opening, with its FDV once soaring to over 300 billion dollars, then quickly dropping to around 1.82 billion dollars, currently quoted at 1.828 dollars, with the token down over 99%.

The token was initially advertised as a project to compensate TRUMP holders for their losses. In response, Eric Trump tweeted mockingly, saying, "Hunter should go back to painting."

The total official token supply is 1 billion. This token trade first appeared in pools like Aerodrome and Uniswap on Base. As of the time of this report, major exchanges had not yet listed the token.

According to Lookonchain monitoring, an address starting with 0xb02b withdrew 250,000 dollars from Binance in advance to buy into LAPTOP as soon as it was listed, ultimately spending 200,000 dollars to purchase 919 LAPTOP at a high price of 218 dollars. By around 9 PM tonight, this position had approximately 3,000 dollars left.

There were also lucky individuals who made considerable profits. According to Lookonchain monitoring, a certain trader spent only 900 USDC to sniper buy 2268.56 LAPTOP at a unit price of 0.40 dollars. The trader then quickly sold all the tokens at an average price of 111 dollars, obtaining 251,270 USDC and profiting over 250,000 dollars, with a return of about 278 times.

The price performance of LAPTOP was not surprising. The disclosure documents for LAPTOP clearly state that the token has no utility, no governance, and no entitlement to earnings. What truly determined its price after opening were the timing of airdrop claims, market maker inventory, and the ability of trend-following retail investors to absorb the supply.

The LAPTOP price reached an illusory height in thin liquidity, then rapidly plummeted amid airdrop claims and secondary sell-offs; new addresses appearing on-chain to claim tokens are immediately selling them, market maker accounts began offloading, while the project team continues to explain this issuance with "resilience, redemption, and recovery."

Wintermute sells tokens for 2.08 million dollars

On-chain monitoring has broken down the selling pressure into several layers. According to Ai Yi monitoring, aside from GSR Markets and G20, Wintermute is also one of the market makers for LAPTOP. 23 hours ago, Wintermute received 2.5 million market-making tokens from the LAPTOP multi-signature address, which have now been distributed to various exchange deposit addresses; the other two market makers received their tokens a few days prior.

Lookonchain monitoring shows that market maker Wintermute obtained 2.5 million LAPTOP from the project team, and then sold on-chain. By the time it was disclosed, approximately 466,300 had been sold at an average price of about 4.47 dollars, yielding around 2.08 million dollars, with over 2 million tokens still held on their account.

It is not uncommon for teams to hand over their chips to professional market makers, but emerging within two hours after opening, with prices down 90% from an illusory high, the market can only interpret this one way: someone is converting liquidity into stablecoins.

Subscribers sold tokens worth 3 million dollars

In this airdrop, Biden's subscribers became the beneficiaries. After receiving the token airdrop, most chose to sell.

Trader Rune bluntly tweeted: if you hold LAPTOP, you should sell it. The total value of the tokens held in the airdrop wallets amounts to about 7.9 billion dollars, with each Biden subscriber receiving 400,000 dollars worth of tokens and selling immediately. Rune also expressed his confidence that the official team created one million paid Substack accounts, stating that as of now, "subscribers" have sold about 3 million dollars worth of tokens.

However, it should be noted that the 400,000 dollars may be exaggerated and is more likely the aggregated flow after several witch addresses cashed out.

Additionally, he posted market trading record evidence.

Subsequently, the trader went full throttle again, posting that a new wallet (0x8DA...A18d) received 4,276 tokens for free and sold them for 400,000 dollars.

Even stranger, the same wallet sent 0.02 ETH to another new wallet (0xc27...b591), which also received 4,276 tokens for free and sold for about 200,000 dollars.

Users in the Twitter comments questioned the coordinated offloading based on this. This does not confirm the same controller, but the behavioral pattern is quite clear: the free chips were not treated as "narrative tokens," but were instead seen as instant cash.

According to Bubblemaps monitoring, most of the main holding addresses for LAPTOP are newly created wallets, with 60% having no prior activity records, meaning that the large accounts currently on the books do not appear to be natural retail investors, but rather a batch of newly opened wallets.

The 30-day claim window has not yet closed, and selling pressure is rapidly entering the market.

Another pump and dump

Trader Bonk Guy (@theunipcs) posted after the launch of LAPTOP stating that the token’s FDV once reached 100 billion dollars, and described the project as being launched by "people who know nothing about the crypto industry, aiming for profit."

Bonk Guy also questioned Hunter Biden's connection to the crypto industry and criticized his father's hostile stance towards it during his presidency. He stated that anyone buying LAPTOP "should rightfully lose all their funds" and predicted that this token could become one of the fastest completed celebrity token "pump and dump" cases in crypto history.

In the distribution of LAPTOP tokens, 30% of the founding team's shares are still locked up and do not constitute immediate selling pressure. What has truly entered the market are the unlocked airdrops, liquidity, and market maker inventory. The 30% destined for the event prediction will wait for adjudication and, in the short term, will neither be destroyed nor become buy pressure. The circulating supply is about 350 million tokens, compared to the current daily trading volume of several tens of millions of dollars and thin pools, any concentrated release of selling pressure will drive the price down.

Political celebrity tokens are not new. TRUMP hit a market cap of 10 billion dollars in early 2025, only to give back most of its gains; this time LAPTOP has just compressed the time from days to minutes.

As of this report, according to GMGN data, the number of holders exceeds 27,000.

The project's token source code has been verified, technically it is indeed clean. However, being clean does not solve another issue: the holders of the free chips have no obligation to accompany the so-called "redemption" narrative through the 36-month unlocking schedule.