LAPTOP token loses 95% in first hour of trading

The LAPTOP memecoin lost more than 95% of its value in the first hour of trading. The token currently trades at $0.8562. Hunter Biden stated that he has not made a single dollar from the project.

Biden claimed that no one on his team sold tokens. He attributed the price drop to insufficient liquidity and trading bots. Cointelegraph reported that the team’s allocation remains locked.

Team claims no insider sales occurred

The LAPTOP team stated that they conducted no token presale. They published their white paper and security audit before trading began. The team asserted that no hidden supply benefited insiders.

Founders hold 300 million tokens, or 30% of the total supply. These tokens are locked for six months. They vest monthly over the following 24 months.

Data shows significant wallet losses

Nansen data revealed one wallet with an unrealized loss of $117,800. Another wallet showed a paper loss of $12,300. None of the tracked addresses had sold tokens at the time of the snapshot.

Nansen recorded 46,675 buy transactions in the first 24 hours. There were 16,038 sell transactions in the same period. The data covered 20,085 unique buyers and 8,714 unique sellers.

Fresh wallets dominate top holdings

Bubblemaps found that 60% of top holder wallets had no prior activity. The platform defined these as fresh wallets. These accounts were funded within a short timeframe before the launch.

The team announced 4 million tokens for liquidity incentives. This represents 0.4% of the total supply. They also plan to burn 10 million tokens in the first week.