Hunter Biden’s LAPTOP Meme Coin Plunges Over 90% From Peak $200B+ FDV

The LAPTOP meme coin, launched by President Joe Biden’s son, Hunter Biden, has crashed by over 90% from its peak valuation in just a few hours after launch. This comes as onchain data shows a heavily concentrated supply, with some traders profiting from the meme coin while others have taken losses.

LAPTOP Meme Coin Crashes By Over 90% From Peak Valuation

The meme coin has crashed by over 90% from a peak fully diluted valuation (FDV) above $200 billion to as low as $2 billion, DexScreener data shows. The token had notably launched with an FDV just above $100 billion and sharply wicked above $200 billion before plunging to new lows.

This follows initial concerns over a potential rug pull over the LAPTOP meme coin’s allocation, with Hunter Biden and the founders holding up to 30% of the token’s supply. Bubblemaps data also showed that the meme coin’s supply was heavily concentrated even before launch.

The token’s founders, airdrop wallets, foundation, and liquidity wallets accounted for almost 90% of the token’s supply. Before the token’s launch, Hunter Biden touted his meme coin as a dig at President Trump and his TRUMP token, saying he would airdrop up to 20% of the supply to traders, including those who lost money on the TRUMP meme coin.

However, CoinMarketCap data shows that the TRUMP meme coin currently has a larger market cap than the LAPTOP meme coin. Meanwhile, both meme coins are down over 90% from their respective all-time highs (ATHs).

Trader Nets Almost $1M From Token

According to onchain analytics platform Onchain Lens, a trader made nearly $1 million on the LAPTOP meme coin. The trader bought 9,120 LAPTOP for $249,000 and sold their entire holdings for $1.2 million.

Meanwhile, another trader lost nearly $200,000 trading the meme coin. The trader used $200,000 to buy 919 LAPTOP while it was trading at $218, with those tokens now worth less than $2,000.

As the LAPTOP token plunges, Onchain Lens revealed that market maker Wintermute is selling the meme coin. The market maker allegedly received 2.5 million tokens and has transferred 2.09 million tokens across its trading wallets.

Onchain Lens further revealed that Wintermute is selling and distributing these tokens to CEX deposit addresses. The market maker has sold 500,000 LAPTOP for $2 million across 356 transactions and has routed more of these tokens to the top crypto exchanges Kraken, Gate, and KuCoin.