$LAPTOP, a memecoin associated with Hunter Biden, captured cryptocurrency market attention following a dramatic price collapse and significant on-chain sell-off immediately after its launch. Blockchain data reveals that market maker Wintermute has begun liquidating a portion of the $LAPTOKEN tokens allocated to it, while the token’s fully diluted valuation (FDV) has plummeted by more than 99% from its peak.
Wintermute Begins Selling $LAPTOP Allocation
According to on-chain analytics platform Lookonchain, Wintermute received a total of 2.5 million $LAPTOP tokens from the project team. The market maker has reportedly started selling these holdings on-chain, having already disposed of 466,255 $LAPTOP tokens at an average price of $4.47. The total value of these sales is estimated at approximately $2.08 million.
Fully Diluted Valuation Collapses 99.43% in Two Hours
The price decline reached extraordinary proportions within hours of the token’s debut. Data indicates that within the first two hours post-launch, $LAPTOP’s FDV crashed from a brief peak exceeding $300 billion to roughly $1.8 billion — a decrease of approximately 99.43%. Trading volume during this same window registered around $9.6 million.
Airdrop Recipients Generate Substantial Returns
On-chain analysis also uncovered that two newly created wallets receiving tokens from the $LAPTOP airdrop generated over $647,000 in combined revenue within a short timeframe. These addresses reportedly received a total of 4,276 LAPTOP tokens from Hunter Biden’s airdrop contract for Substack subscribers. One wallet earned approximately $404,000, while the other realized roughly $243,000.
Further blockchain data revealed an ETH transfer between the two addresses. One wallet transferred USDC obtained from token sales to an address identified in open sources as belonging to Safe architect Florent, sparking speculation about a potential connection. However, this link remains unconfirmed.
Market Commentary on the Collapse
Serenity, commenting on the sharp decline in $LAPTOP’s value, stated that the token’s drop of over 99% after launch came as no surprise. Serenity argued that such token issuances do not create a positive overall outcome for individual investors and therefore does not support similar token launches.
*This is not investment advice.
