Hunter Biden expressed his frustration online over the sudden downfall of his meme coin, which significantly impacted investors—four out of five faced losses, while a single trader made nearly $1 million. He attributed the issues to a lack of liquidity provided by the market maker right after the coin’s launch on Wednesday.
Biden explained that the problems started within the first half-minute of the launch, as the market maker only supplied $5,000 in liquidity, despite overwhelming demand. “There was a f–k up,” he stated in a video shared on X shortly after midnight on Friday. As a result, the value of $LAPTOP skyrocketed from $2.39 to an astonishing $316 per token for a total of one billion tokens before it collapsed.
He remarked that, at one point, the market cap of his coin surpassed that of major financial institutions, likening its price chart to a mountain peak. Meanwhile, a single trader managed to convert a $250,000 investment into $1.18 million almost instantly, revealing a typical “rug pull” scenario, as experts pointed out.
Regular investors, however, didn’t fare as well, with around 80% experiencing losses as analyzed by a blockchain analytics firm. Estimates suggested that over 15,000 wallets ended up losing money. One unfortunate buyer who invested roughly $200,000 at the peak saw their position plummet to only about $2,000 after the crash.
Throughout his tirade, Biden failed to acknowledge either the gains experienced by the lucky trader or the significant losses suffered by others. “This is my f–king token,” he proclaimed, emphasizing his deep involvement in every aspect of its development over the past six months.
He took responsibility for the failures, stating, “At the end of the day, it’s my responsibility, and there was a f–k-up.” Despite the turmoil, he asserted that the project was still on track, although he admitted that considerable damage had already been done.
However, experts pointed out that the collapse and lackluster trading volume painted a different picture. “The price is down 99% from its all-time high. So I don’t think they do have it under control,” a co-founder of a crypto investment firm remarked.
Typically, a market maker would provide liquidity on both sides of the trade to manage price volatility, which was evidently lacking in this situation, according to the expert. He clarified that with only $5,000 of liquidity, even a small transaction could unexpectedly drive prices high, showcasing the fragility of the setup.
Biden expressed his commitment to the project, asserting, “I am in this to the end 100%, and I promise you we’re gonna make it right.” Yet, he did not clarify whether “make it right” included compensating affected investors or how they would approach any such remediation.
Instead, he mentioned efforts to boost liquidity and trading volume, distancing the project from the stereotype of a superficial celebrity token. He claimed he and his partners had yet to profit from the venture due to a six-month lock-in period before they could make any sales.
