A crypto trader attempted to capitalize on a decline in LAPTOP, a meme coin built on Base, by purchasing 28,448.72 tokens at $5.97 each for approximately $170,000. According to blockchain tracking data, the position is now worth roughly $21,000, representing an 87% loss from the purchase price as the token trades at $0.87.
LAPTOP launched and lost approximately 98% of its value within an hour of trading. The token peaked at $190.81 before falling to as low as $3.70, eventually settling near $4.77. At launch, the token commanded a fully diluted value near $1.6 billion despite a liquidity pool of just $2.5 million. Blockchain intelligence firm Arkham identified a significant valuation mismatch, noting the pool backing LAPTOP trades held roughly $48,000 shortly after launch, while the token's fully diluted value briefly reached $144 billion.
LAPTOP was built around a laptop that Hunter Biden left at a Delaware repair shop in 2019. The device and its contents became the subject of political controversy over subsequent years.
Founders, including Biden, hold 30% of the coin's one billion tokens, locked for six months with vesting over two years according to reporting by the Wall Street Journal. An additional 20% is allocated to wallets burned by Trump's coin and to Biden's Substack subscribers, while a third portion goes to a mailing list tied to video journalist Andrew Callagher, who has stated he has no role in the project.
The trader who purchased at $5.97 was not alone in experiencing significant losses. Another wallet spent $200,000 near the token's all-time high, with that stake shrinking to a few thousand dollars within hours. The coin's volatility extended beyond its opening hour, demonstrating how a thin order book can affect both early buyers and those purchasing after initial declines.
