Hunter Biden-themed memecoin $LAPTOP is down 99% from its all-time high, according to Protos. The token traded just under $2 at the time referenced in the report, far below its peak of $316.
With a total supply of 1 billion tokens, $LAPTOP briefly reached a market capitalization of $110 billion within minutes of launch. Protos said its fully diluted valuation had since fallen to just $1.9 billion.
Based on DEX Screener data cited in the article, one-minute trading volume was averaging between $20,000 and $30,000.
Promotion was pulled back after the token launch
Protos said Biden’s token was announced earlier this week and drew little reaction from the broader crypto community. The report added that Pump Fun and Kraken had both promoted the token before reversing course and pulling back their support.
The article also referenced earlier Protos coverage about Pump Fun and Kraken deleting promotional material tied to Hunter Biden’s $LAPTOP and claims that the token was sniped at launch.
Observers point to sniper bot activity
Several onlookers said they spotted sniper bots making extremely fast trades to exploit the launch window.
Crypto analyst Dethective claimed one such sniper made around $190,000. Another analyst, Donaxbt, said the highest-earning sniper they saw made $335,000. Other traders were reported to have made well over $60,000.
Lookonchain says Wintermute sold $2 million worth of tokens
Separately, Lookonchain claimed that market maker Wintermute had already sold $2 million worth of $LAPTOP it received from the token’s team.
Those statements were presented in the Protos report as claims from analysts, observers, and on-chain tracking accounts. No additional detail was included in the source text provided here.
