A crypto trader incurred an 87% loss after purchasing the meme coin LAPTOP during a price dip. According to Lookonchain, the investor spent $170 000 to acquire 28 448.72 tokens at a price of $5.97 per unit. The value of this position has since declined to approximately $21 000, with the token price dropping to $0.87.
The LAPTOP token, launched on the Base network, experienced extreme volatility immediately following its debut. Within the first hour of trading, the asset lost roughly 98% of its value, falling from a peak of $190.81 to as low as $3.70. Data from Arkham indicates that the liquidity pool backing the token held approximately $48 000 shortly after the launch.
The project, associated with Hunter Biden, features a total supply of one billion tokens. Founders hold 30% of the supply, which is subject to a six-month lock-up period and a two-year vesting schedule. An additional 20% of the tokens are allocated to wallets associated with the TRUMP token and subscribers to Biden's Substack, while another portion is linked to journalist Andrew Callaghan.
The market performance of LAPTOP has been marked by significant instability, with another investor reportedly losing nearly their entire $200 000 investment after buying near the all-time high. The token's thin order book and high volatility have resulted in rapid price declines, leaving late-stage investors with substantial losses within the first 24 hours of trading.
