🧐 $LAPTOP events of surges and crashes fully reviewed: Hunter Biden's meme debut, why did it drive a $50 million coin to a $100 billion valuation in just two minutes?
Yesterday, the launch of Biden's son’s $LAPTOP should be a very worthwhile event to fully review in this year's meme releases.
At its peak, different data sources recorded instantaneous transaction prices of $190, $199, and even over $300;
Even more surreal, after a 98% crash, LAPTOP still showed a circulation market value of $1.6 billion and an FDV of $4.8 billion around $4.77;
Meanwhile, all liquidity pools combined had only about $2.5 million in liquidity.
1️⃣ Event Review: A meme launch that had explosives planted from before the opening
This story starts with why Hunter Biden suddenly decided to launch a coin.
The name LAPTOP, of course, refers to the infamous Hunter Biden laptop.
In 2019, Hunter left his computer at a repair shop in Delaware, and personal photos, emails, and business dealings inside subsequently leaked in large quantities; this laptop ultimately played a significant role in the 2020 U.S. election, becoming one of the most important political symbols for the Republican Party to attack the Biden family.
After Hunter became active on social media this year, he started to humorously embrace his dark history.
In June, he publicly expressed recognition of decentralized currency, and on September 7, he suddenly released a video:
$LAPTOP, September 9.
Hunter also drew parallels to TRUMP, subtly implying that he was shaping LAPTOP into a “political meme that cuts the leeks” against politics.
Before the official launch, the market was clearly skeptical.
Kraken had originally promoted LAPTOP but deleted the post after being attacked by the community;
Famous trader DonAlt directly referred to this release as “utterly embarrassing”;
Channel 5 publicly severed ties, admitting they had previously provided Hunter with a CSV email list but stated they had no affiliation with this coin;
Base also proactively distanced itself, clearly stating that the LAPTOP team had contacted Base before, but Base consciously decided not to participate in its design and promotion.
But it didn't matter; for meme players:
The more they criticized, the higher the attention rose.
2️⃣ Who got the one billion LAPTOPs?
The total supply of LAPTOP is one billion. The disclosed distribution structure from the official source is as follows:
Founders' team: 30%, which is 300 million;
Prediction: 30%, 300 million;
Community Airdrop: 20%, 200 million;
Liquidity: 10%, 100 million;
Foundation Treasury: 5%, 50 million;
Charity: 5%, 50 million.
Among these, the 30% for the founding team includes Hunter Biden himself, and this portion will be locked for six months, followed by a linear release over 24 months.
So at least from the currently confirmable rules, the team tokens in Hunter's hands could not be dumped directly when trading opened yesterday.
What truly related to yesterday's market was that 20% airdrop.
This is actually divided into three parts:
2%: for TRUMP's losing users;
8%: for users who subscribed to Hunter's “Where's Hunter?” Substack before September 6;
10%: reserved for future community airdrops.
3️⃣ A pool of tens of thousands made a $100 billion valuation in two minutes
At around 8 AM Eastern Time on September 9, which is 8 PM Beijing Time, LAPTOP officially opened for trading.
This is where the most classic scene from yesterday occurred.
Different data platforms recorded wildly inconsistent peak prices due to variations in sampling pools and aggregation methods:
CoinDesk recorded about $190.81;
CoinGecko recorded an ATH of $199.51;
Some pools on DexScreener even showed prices above $300 at one point.
In fact, this kind of inconsistency in data is part of the event itself; the market did not form a unified price.
LAPTOP started trading for about two minutes when Arkham captured a specific moment; the FDV was as high as $144 billion, but the liquidity pool was only $48,000.
Meanwhile, the initial reference issuance price of LAPTOP was only about $0.05, corresponding to a fully diluted valuation of about $50 million, paper wealth increasing 3000 times.
4️⃣ FOMO players in the open market began to enter
On-chain data shows that eligible subscribers could each receive about 4,276 LAPTOPs.
What does this concept mean?
Based on DexScreener's most extreme price, the value of the free airdrop for each person at one point exceeded $1.28 million.
As trading opened, a large amount of free tokens were being dumped, while FOMO players entered the scene.
Lookonchain @lookonchain tracked two very classic traders—
The most unfortunate person:
He specifically withdrew $250,000 from Binance before the opening, clearly targeting LAPTOP.
After the opening, he bought about $200,000 worth and ended up with only 919 LAPTOPs. Average cost was $218.
One hour later, this position was worth about $3,000, with losses exceeding $190,000.
The most profitable person:
The other address spent about 100 ETH, valued at about $249,800 at the time, buying 9,124 LAPTOPs at an average price of about $27;
Subsequently, he sold 8,480, getting back about 472 ETH worth about $1.18 million.
With the same capital, the difference was perhaps just a few seconds, but the results were completely different.
Later, Bubblemaps compiled the entire market's profits and losses, and it was even more shocking:
Out of 15,206 analyzed trading addresses, 12,151 lost money, about 80%, with only 3,026 in profit.
Of these, 11,311 addresses lost less than $1,000;
726 lost between $1,000 and $10,000;
112 lost between $10,000 and $100,000;
And 2 lost between $100,000 and $1 million.
Only 88 addresses made over $10,000, but these 88 collectively earned $5.57 million.
A very typical MEME profit structure!
5️⃣ After the crash, Hunter finally responded that night
His core explanations had a few points:
1) Lack of liquidity at the opening made it impossible to meet huge market demand;
2) Technical issues arose;
3) Sniper interference caused prices to be pushed up instantly, then quickly dropped;
4) Team tokens were all locked up, with no team members selling;
5) He personally did not profit from LAPTOP;
6) The team is researching how to improve liquidity and prepare to advance the project.
He also denied the Rug Pull claims.
Lack of liquidity and Sniper interference is certainly true; even from on-chain data, these were the most direct reasons for the abnormal price.
However, those two issues cannot completely serve as excuses!
The outrageous behavior of LAPTOP in the market is largely due to failing to establish a benchmark price on a centralized exchange with sufficient depth first, instead letting Aerodrome, Uniswap, and similar AMM markets conduct price discovery.
Thin liquidity + clear opening time + global attention is exactly the environment Snipers love the most.
A meme with global communication scale, yet a few tens of thousands in pools bore the opening; this was a completely failed release!
It did not even need a Rug; it had already possessed the structure to drop 99%.
So Hunter ultimately proved that he is no different from Trump, but rather that political memes tend to yield similar outcomes—what's the difference from a Rug?
Fortunately, there was no follow-the-wind play yesterday; otherwise, I wouldn't have slept a wink last night!
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