A trader who bought into LAPTOP shortly after launch ended the position with a 94% loss, according to monitoring cited by ChainCatcher from on-chain analyst Ember. The trader put in a total of $249,000 and recovered only $15,000 after selling the position at $0.6 last night, leaving an actual loss of $234,000.
Ember said the wallet was the biggest "victim" of the move tied to Biden's son. The trader first bought LAPTOP at $217.5 when the token went live the night before. Within hours, the price fell from the triple-digit range to single digits. The trader then added to the position at $2 early yesterday, but the decline continued. The position was finally closed last night at $0.6.
The report lays out a rapid sequence of entries and exits: an initial purchase near launch, a later attempt to average down, and a final capitulation sale after the token kept sliding.
ChainCatcher reported, citing monitoring by on-chain analyst Ember, that a trader closed a LAPTOP position last night at $0.6.
The trader deployed a total of $249,000 and got back $15,000 after exiting, for an actual loss of $234,000, or 94%. Ember said the trader was the biggest "victim" to be "harvested" by Biden's son.
How the position unfolded
According to Ember, the trader first bought LAPTOP at $217.5 when the token launched the night before. Over the next few hours, the price dropped from the triple-digit range to single digits.
Early yesterday, the trader added to the position at $2. The price kept falling, and the trader finally sold last night at $0.6.
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