At 8 PM on September 9, LAPTOP, a meme coin launched with the involvement of Hunter Biden, went live on Base. As of around 11 PM, GMGN data showed that the extremely thin liquidity pool triggered extreme price wicks at the moment of launch, with its FDV briefly surging past $300 billion before rapidly crashing to around $1.82 billion. The token is currently priced at $1.828, representing a decline of over 99%.
The token was originally marketed as a project to compensate holders who suffered losses on TRUMP. In response, Eric Trump mocked the launch on Twitter, saying "Hunter should go back to painting."
The official total token supply is 1 billion. Initial trading activity first appeared in pools on Aerodrome and Uniswap on Base. As of press time, none of the major centralized exchanges had listed the token.
According to Lookonchain monitoring, an address starting with 0xb02b withdrew $250,000 from Binance in advance to buy LAPTOP the moment it launched, ultimately spending $200,000 at a high price of $218 to purchase 919 LAPTOP tokens. As of around 9 PM tonight, that position was worth only approximately $3,000.
Some lucky traders also captured substantial profits. Lookonchain data shows that one trader spent just 900 USDC to snipe 2,268.56 LAPTOP tokens at a unit price of $0.40. The trader then quickly sold all tokens at an average price of $111, receiving 251,270 USDC—a profit exceeding $250,000, representing a return of roughly 278x.
LAPTOP's price performance comes as no surprise. The token's disclosure documents state that it has no utility, no governance, and no revenue rights. What truly priced the token after launch was the pace of airdrop claims, market maker inventory, and the absorption capacity of FOMO buyers.
LAPTOP's price was pushed to a hallucinatory peak in thin liquidity, then rapidly collapsed amid airdrop claims and secondary market selling. On-chain data shows paired new addresses claiming tokens and dumping immediately, market maker accounts beginning to distribute, while the project team continues to frame the launch in terms of "resilience, redemption, and recovery."
Wintermute Sells Tokens for $2.08 Million
On-chain monitoring has broken down the selling pressure into several layers. According to monitoring by Ai Yi, in addition to GSR Markets and G20, Wintermute is also one of the market makers for LAPTOP. 23 hours ago, Wintermute received 2.5 million market-making tokens from the LAPTOP multi-signature address, which have now been distributed to multiple exchange deposit addresses. The other two market makers received their tokens several days ago.
Lookonchain monitoring shows that market maker Wintermute received 2.5 million LAPTOP tokens from the project team and subsequently sold them on-chain. As of its disclosure point, approximately 466,300 tokens had been sold at an average price of around $4.47, yielding approximately $2.08 million, with over 2 million tokens still held on its books.
It's not uncommon for teams to hand tokens to professional market makers, but appearing within two hours of listing—when the price has already collapsed 90% from its hallucinatory peak—the market reads it only one way: someone is converting liquidity into stablecoins.
Subscribers Sell $3 Million in Tokens
In this airdrop, Biden's subscribers emerged as beneficiaries. After receiving the token airdrop, most chose to sell.
Trader Rune tweeted bluntly: If you hold LAPTOP, you should sell. The airdrop wallets collectively hold tokens worth approximately $7.9 billion, and every Biden subscriber received $400,000 in tokens and immediately sold. Rune also stated he is convinced the official team created one million paid Substack accounts, and so far, "subscribers" have sold approximately $3 million worth of tokens.
It should be noted, however, that the $400,000 figure is likely exaggerated and more probably represents aggregated flows from multiple sybil addresses cashing out.
Additionally, he attached market transaction records as evidence.
Subsequently, the trader went on the offensive again, posting a new wallet address (0x8DA...A18d) that claimed 4,276 tokens for free and sold them for $400,000.
More suspiciously, the same wallet sent 0.02 ETH to another new wallet (0xc27...b591), which also claimed 4,276 tokens for free and sold them for approximately $200,000.
Users in the Twitter comments section subsequently questioned coordinated dumping based on this. This doesn't necessarily confirm a single controller, but the behavioral pattern is clear enough: the free tokens weren't treated as "narrative commemorative badges" but as instant cash.
According to Bubblemaps monitoring, most of LAPTOP's top holder addresses are newly created wallets, with 60% showing no prior activity history. In other words, the whales on the books don't look like natural retail investors, but rather a batch of freshly opened wallets.
The 30-day claim window hasn't even closed, and sell pressure is already sprinting in.
Another Pump-and-Dump
Trader Bonk Guy (@theunipcs) posted after LAPTOP's launch, noting that the token's FDV briefly reached $100 billion, describing the project as being launched by "people who know nothing about the crypto industry and are purely profit-driven."
Bonk Guy also questioned Hunter Biden's ties to the crypto industry and criticized his father's hostile stance toward crypto during his presidency. He bluntly stated that anyone buying LAPTOP "deserves to lose all their money" and predicted the token could become one of the fastest celebrity coin pump-and-dumps in crypto history.
In LAPTOP's token allocation, the 30% founding team share remains under lockup and hasn't yet created immediate sell pressure. What's actually hitting the market are the unlocked airdrop, liquidity, and market-making inventories. The 30% tied to prediction events awaits a ruling—it will neither be burned nor turn into buy pressure in the short term. With a circulating supply of approximately 350 million tokens, against the current tens of millions in daily trading volume and relatively thin pools, any concentrated wave of claim-driven selling will push the price down.
Political celebrity coins aren't new. TRUMP pushed its market cap to the tens of billions in early 2025 before giving back most of those gains. LAPTOP just compressed that timeline from days into minutes.
As of press time, GMGN data shows over 27,000 holders.
The token's source code has been verified—technically, it's clean. But cleanliness doesn't solve another issue: holders of free tokens have no obligation to stick around for the so-called "redemption" narrative through a 36-month unlock schedule.
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