Author: Zhou, ChainCatcher
At 8 pm Beijing time on September 9, the meme currency LAPTOP issued by Hunter Biden, Biden’s son, was officially launched.
According to CoinGecko data, LAPTOP hit a maximum of nearly $200 within one hour after it went online, and the token’s fully diluted valuation (FDV) once approached $200 billion. Subsequently, the currency price plunged from highs, falling by 99%, and the circulating market value dropped from a peak of approximately US$9.63 billion to US$619 million.
According to GeckoTerminal data, the liquidity of the Aerodrome capital pool where LAPTOP is located, that is, the total value of tokens and USDC locked in the pool, dropped from US$1.4 million to US$691,000 within 40 minutes after the opening. The thinner the pool, the greater the impact on the price of buying and selling of the same amount.
Trump's TruthSocial account posted a question asking Hunter whether the coin issuance was a chaotic meme coin launch, or whether buyers fell into a well-designed rug pull, saying the market wanted to know who ran away first and who was taking over.
LAPTOP’s token economics and airdrop rules, ChainCatcher’s article “Biden’s Son Officially Announces the Issuance of LAPTOP Token, Will the Scandal Realize or Copy the TRUMP Playbook?” 》 has been stated in detail in the article and will not be repeated here.
It’s worth adding that Hunter has previously emphasized that this was a fair launch with no insiders and no pre-sales. However, according to on-chain analyst Rune, each of Hunter's Substack subscribers can receive 4,276 tokens, and a single share was once worth more than $1 million based on the peak opening price. These tokens were immediately sold after being collected by the new wallet. The price fell by 95% within 15 minutes. Almost all of the decline came from airdrop collection, and traders' normal selling accounted for a small proportion.
On-chain analyst Ai Ai tracked that two of the addresses each received 4,276 tokens from the Hunter Substack subscriber airdrop contract and sold them respectively for US$404,000 and US$243,000, totaling more than US$647,000. One address has transferred the cashed-out USDC to the publicly marked address of Safe architect FloB_Safe.
Investor Books posted that the 300 million founder shares held publicly by the Hunter team are currently zero cash out, but several wallets associated with the team have cashed out in advance. On September 8, the day before public trading began, one of the team’s Safe airdrops transferred 2.5 million tokens, which were subsequently cashed out for approximately $2.34 million through selling wallets.
Two bot wallets accurately placed liquidity orders at the opening second, cashing out approximately US$716,000. A 5% fee Uniswap pool was created as early as September 7, two days before the public could trade, bringing in about $550,000 in fee income. Another 2.7 million tokens were deposited into the exchange Bitvavo ahead of the DEX’s opening.
According to its estimates, approximately $4 million has been verified in cash-out, with full-scale estimates ranging from $5 million to $10 million, noting that the contract code itself has been audited and that the real problem lies in the operational timelines of these associated wallets.
In addition, Aunt Ai also pointed out that in addition to the well-known market makers GSR Markets and G20, Wintermute is also a market maker for LAPTOP. It has received 2.5 million market-making tokens from a multi-signature address and has distributed them to multiple exchange recharge addresses. The three market makers received a total of 23 million tokens, accounting for 2.3% of the total supply, of which GSR Markets received 15.5 million and G20 received 5 million.
The profit and loss of ordinary traders is even more disparate. According to on-chain monitoring, one address used only US$100,000 in principal to cash out more than US$1 million by buying and selling LAPTOP within a few minutes. On the other side, a certain address spent US$200,000 to buy 919.4 LAPTOPs for US$217.5 at the opening. The currency fell to US$4.4 55 minutes later. The position shrank by 98%, leaving only US$4,045, with a floating loss of US$196,000. It became the address with the heaviest loss on LAPTOP at that time.
As mentioned in the previous article, the market’s overall attitude towards LAPTOP tokens is cautious. Just before going online, Kraken had deleted LAPTOP-related promotion posts. Video journalist Andrew Callaghan announced that he would distance himself from the project after learning that the audience was included in the token distribution plan. Base founder Jesse Pollak said that the project party had contacted the team, but Base decided not to participate in token design or promotion.
Hunter counterattacked in an article on He emphasized that the 30% of tokens held by the team have no lock-up and no release period, and reminded buyers not to expect him or any related party to push up the price of the currency.
After the surge in price, well-known crypto KOL Bonk Guy said that LAPTOP’s fully diluted valuation of hundreds of billions of dollars is extremely ridiculous. Anyone who buys at the current price should be prepared to lose all their money. He believes that the project is obviously a speculative behavior that “just wants to extract profits but knows little about the encryption industry.” Trump's second son, Eric Trump, also posted a taunt on X, saying Hunter should go back to painting.
Hunter packaged LAPTOP as a recycling of the scandal, and also called the TRUMP token a scam, but essentially the problems exposed by the two celebrity coins were almost the same.
Previous reports stated that the Trumps netted about $1 billion through their tokens, while most ordinary investors ended up losing money. LAPTOP is in the name of subsidizing TRUMP loss-making users, but the team-affiliated wallet cashes out in advance, and market makers simultaneously obtain the circulating supply and sell it. These details point to the same conclusion. When celebrities issue coins, they talk about community and fairness. The flow of funds on the chain has already given the answer: who ran away first and who is taking over.