The LAPTOP meme coin experienced a 98% price collapse on its first day of trading. The project launched on Wednesday with an opening price of $0.05 per token, briefly peaking at $199 within two minutes. According to the foundation, automated sniper bots and insufficient liquidity caused the volatility. One wallet recorded a profit of $1.18 million, while another lost $200,000.
The project team denies scam allegations, stating that founders hold 30% of the supply under a six-month lock and two-year vesting period at Coinbase Custody. The team claims there was no presale or allocations for influencers. Following the crash, the project's official X account was suspended. The foundation is currently using Medium to communicate and is working to restore its social media presence.
To address the liquidity issues, the foundation is adding 4 million tokens to Aerodrome pools. Additionally, 10 million tokens will be burned, reducing the total supply by 1% following the resolution of two prediction events. One of these events was triggered by a public reference from digital artist Beeple, resulting in the burn of 5 million tokens.
On-chain analytics firm Bubblemaps reports that approximately 80% of traders suffered losses. Data indicates that two wallets lost between $100,000 and $1 million, 100 wallets lost over $10,000, and 700 wallets lost more than $1,000. Around 11,000 other participants also incurred smaller losses as the token price continued to decline after the initial plunge.
