Author: Zhou, ChainCatcher
At 8 PM Beijing time on September 9, the meme coin LAPTOP, issued by Hunter Biden, officially launched.
According to data from CoinGecko, LAPTOP reached nearly $200 within the first hour after its launch, with a fully diluted valuation (FDV) approaching $200 billion at one point. Subsequently, the coin price plummeted, dropping by 99%, with the circulating market value falling from a peak of approximately $9.63 billion to $619 million.
According to data from GeckoTerminal, the liquidity in the Aerodrome pool where LAPTOP is located, which refers to the total value of tokens locked in the pool and USDC, dropped from $1.4 million to $691,000 within 40 minutes after the opening. The thinner the pool, the greater the impact on price from trades of the same amount.
Trump's TruthSocial account posted questions to Hunter, asking whether this coin launch was a chaotic meme coin release or if buyers got caught in a carefully orchestrated rug pull, stating that the market wants to know who ran away first and who is left holding the bag.
The tokenomics and airdrop rules of LAPTOP have been detailed by ChainCatcher in the article "Hunter Biden officially announces the launch of LAPTOP, monetizing scandals or copying the TRUMP script?", and will not be repeated here.
It is worth mentioning that Hunter previously emphasized that this was a fair launch without insiders or pre-sales. However, according to on-chain analyst Rune, each of Hunter's Substack subscribers could claim 4,276 tokens, which at peak opening price was worth over $1 million per share; these tokens were sold off immediately after being claimed by new wallets, leading to a 95% price drop within 15 minutes, mostly originating from airdrop claims, with normal trader selling accounting for a very small portion.
On-chain analyst Ai tracked that two addresses claimed 4,276 tokens each from Hunter's Substack subscriber airdrop contract, selling them for $404,000 and $243,000 respectively, totaling over $647,000, with one address transferring the cashed-out USDC to a publicly marked address of Safe architect FloB_Safe.
Investors Books posted that the 300 million founder shares publicly held by Hunter's team currently have zero realized gains, but several wallets associated with the team have cashed out early. On September 8, the day before public trading began, one of the team's airdrop Safes transferred out 2.5 million tokens, which were then cashed out for about $2.34 million through a sales wallet.
Two bot wallets accurately placed liquidity orders at the opening second, cashing out about $716,000. One Uniswap pool with a 5% fee created on September 7, two days before public trading, generated around $550,000 in fee income. Additionally, 2.7 million tokens were deposited into the exchange Bitvavo before DEX opened.
Estimations suggest that around $4 million has been verified as cashed out, with a full scope estimate between $5 million and $10 million, noting that the contract code itself has been audited, and the real issue lies in the operational timeline of these associated wallets.
Furthermore, Ai also pointed out that, in addition to the known market makers GSR Markets and G20, Wintermute is also a market maker for LAPTOP, having received 2.5 million market-making tokens from a multi-signature address, which have been distributed to multiple exchange funding addresses. The three market makers collectively received 23 million tokens, accounting for 2.3% of the total supply, with GSR Markets receiving 15.5 million tokens and G20 receiving 5 million tokens.
Ordinary traders have experienced more drastic gains and losses. According to on-chain monitoring, one address turned a $100,000 principal into over $1 million within minutes by buying and selling LAPTOP. Conversely, another address spent $200,000 to buy 919.4 LAPTOP at $217.5 at open; 55 minutes later, the token dropped to $4.4, reducing its position by 98%, leaving just $4,045, resulting in a paper loss of $196,000, making it the address with the largest loss on LAPTOP at that time.
The previous article mentioned that the market's attitude towards LAPTOP tokens is generally cautious. Just before the launch, Kraken had deleted promotional posts related to LAPTOP, and video journalist Andrew Callaghan announced he would distance himself from the project upon learning that the audience was included in the token distribution plan. Base founder Jesse Pollak stated that the project team had contacted them, but Base decided not to participate in token design or promotion.
Hunter responded on X, bluntly stating that Trump's TRUMP token is the scam, claiming, "They turned laptops into weapons; I turned them into tokens." He emphasized that the 30% tokens held by the team have no lock-up period or release schedule and reminded buyers not to expect him or any associated parties to push up the coin's price.
After the launch surge, renowned crypto KOL Bonk Guy stated that LAPTOP's fully diluted valuation in the hundreds of billions is absurd, and anyone buying at the current price should be prepared to lose all their funds, believing the project clearly exhibits speculative behavior of "seeking to extract profits while knowing little about the crypto industry." Trump's son Eric Trump also mocked on X, suggesting Hunter should go back to painting.
Hunter framed LAPTOP as a recycling of scandal, also labeling the TRUMP token a scam, but essentially the problems exposed by both celebrity tokens are nearly the same.
Previous reports indicated that the Trump couple netted around $1 billion from their token, while most ordinary investors ended up with losses. LAPTOP claimed to subsidize users who suffered losses from TRUMP, yet the team’s associated wallets cashed out early, and market makers simultaneously obtained circulating supply for selling. These details point to the same conclusion: when celebrities launch tokens, they speak of community and fairness, but the flow of funds on-chain has already provided the answer: who ran away first and who is left holding the bag.
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