Hunter Biden memecoin erases 99% after launch
Hunter Biden’s newly launched LAPTOP memecoin lost about 99 per cent of its value within its first hour of trading on Wednesday, turning a hypothetical $1,000 purchase near its early peak into roughly $10 as prices collapsed below $2. The token, launched on Coinbase’s Base blockchain, traded near $190 to $200 shortly after opening before plunging to below $4 within minutes and later falling under…
Hunter Biden's newly released memecoin, LAPTOP, saw a dramatic 99% drop in value within its first hour of trading on Wednesday. Initially trading near $190 to $200, the token plummeted to below $4 and eventually below $2. This sharp decline wiped out nearly all the paper value for those who bought near the peak. A hypothetical $1,000 investment would have bought five tokens, which would be worth just $10, excluding fees and other factors.
The token was created as a lighthearted, entertainment-focused project with no economic interest beyond community participation. Of the one billion tokens, 35% was unlocked at launch, with allocations for airdrops, liquidity, the foundation treasury, charity, and founders. The remaining 30% is tied to various predictions, with tokens for accurate predictions being burned and those for incorrect predictions going to charity.
The launch also highlighted the risk of imposter tokens using similar branding, emphasizing the importance of verifying the correct contract address.
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