Hunter Biden LAPTOP Token Leaves 80 Percent of Traders Underwater

Hunter Biden recently launched a new token called LAPTOP on the Base network, marketed as a response to the rampant memecoin grift in the market. Despite this anti grift pitch, on chain data from Bubblemaps reveals that 12,151 out of 15,206 traders lost money shortly after trading began. Only 3,026 wallets managed to walk away with a profit.

Most of the losses were relatively small, with over 11,000 wallets down less than $1,000. However, a small group of participants took massive losses, including two traders who dropped between $100,000 and $1 million. On the flip side, a tiny group of early buyers reaped huge rewards. Just 88 traders collectively generated around $5.57 million in profit, heavily skewing the financial outcome of the launch.

Blockchain analytics firm Arkham Intelligence noted that the token spiked dramatically just minutes after launch, flashing a theoretical fully diluted valuation of $144 billion due to very thin liquidity. The price quickly crashed by over 95 percent as the market struggled to find stability. Lookonchain reported that several lucky wallets turned a few hundred dollars into massive six figure profits by buying in the opening seconds, while latecomers watched their investments evaporate.

Bubblemaps also flagged that roughly 60 percent of the token's largest holders were fresh wallets created just days before the launch. While this is common during high profile token events, it adds heavy scrutiny to the distribution. Biden previously criticized other political memecoins for burning investors, but the launch of LAPTOP has ultimately created a fresh batch of heavy losers alongside a handful of massive winners.