Hunter Biden’s $LAPTOP memecoin suffered a dramatic collapse shortly after launching on Base, falling roughly 98% from its initial quoted price within minutes. The token had attracted attention partly because its planned distribution included crypto wallets that lost money on Donald Trump’s $TRUMP memecoin.
The launch had already generated controversy before trading began. Hunter Biden presented $LAPTOP as a way of reclaiming the political controversy surrounding his infamous laptop, while also positioning the token around themes of resilience, redemption and recovery. The market’s first response, however, was a severe price collapse.
$LAPTOP crashes after launch
$LAPTOP launched on September 9 with a total supply of one billion tokens. Reports indicate that the token briefly traded near $200 before falling toward roughly $4.36, representing a decline of about 97.8%. Because initial liquidity was thin, the early quoted valuation was highly unstable and should not be interpreted as billions of dollars of actual capital flowing into the project.
The crash illustrates one of the central risks associated with political memecoins. These tokens can attract enormous attention because of the person or controversy behind them, but attention does not necessarily translate into sustainable demand. Once early buyers begin selling, limited liquidity can cause prices to move dramatically in either direction.
The $LAPTOP concept was closely tied to the collapse of other political tokens. Twenty percent of its supply was earmarked for community airdrops, with wallets that lost money on $TRUMP among the intended recipients. Hunter Biden subsequently argued that the token was meant to give something back to people who had suffered losses in the previous political memecoin cycle.
Related: Hunter Biden to Launch $LAPTOP Memecoin Targeting Trump Crypto Investors
That strategy made the launch particularly unusual. Instead of simply attempting to build a new political community, $LAPTOP directly targeted an audience associated with another controversial token. The approach created a clear narrative, but it also placed the project under intense scrutiny from traders who were already skeptical of political cryptocurrencies.
The backlash began before the token was even available. Crypto traders criticized the launch, while Kraken removed a promotional post after users questioned the exchange’s involvement. Base representatives also stressed that the network is permissionless and that the existence of a token on Base does not mean Coinbase or Base endorsed the project.
What the LAPTOP crash means for investors
Eric Trump joined the criticism after the collapse, responding to reports of the crash with a short jab at Hunter Biden: “Hunter should go back to painting…” The comment adds another political layer to an already highly polarized crypto launch, but it does little to explain the underlying market mechanics behind the 98% decline.
The more important issue is liquidity. A token can briefly display an enormous implied valuation when only a relatively small amount of supply is actively trading. That means multiplying an early quoted price by the total supply can produce a headline market capitalization that bears little relationship to the amount of money actually invested.
The collapse also demonstrates why memecoin investors need to look beyond launch prices. Supply distribution, locked allocations, available liquidity, market depth and concentration among early holders can have a greater impact on short-term trading than the publicity surrounding a token.
$LAPTOP also carries the broader risk associated with political memecoins. Trump’s $TRUMP token previously experienced a huge decline from its launch-era peak, while other politically connected tokens have also struggled to maintain their initial valuations. Analysts have repeatedly warned that celebrity or political recognition can create short-lived demand without establishing lasting utility.
For the people who received or purchased $LAPTOP, the next question is whether the token can develop a market beyond its launch controversy. Hunter Biden has said buyers should not expect him or other participants to make the token more valuable, reinforcing the speculative nature of the project.
The 98% collapse therefore offers a clear lesson for the wider crypto market. A recognizable name can create instant liquidity and attention, but neither guarantees a durable token economy. In $LAPTOP’s case, the attempt to turn one of America’s most politically charged stories into a cryptocurrency has produced an equally volatile market debut, leaving investors to decide whether there is anything beyond the controversy to sustain its value.
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