New Report on Memecoin That Plunged 98%: Even a $6 Buy Moved the Price
A new report examining Hunter Biden’s LAPTOP memecoin’s 98% plunge from its launch peak found that opening liquidity was so limited that even a $6 buy could have pushed the price up 5%.
According to The Block, Biden published the review prepared by Groom Lake on Wednesday, October 7. The report links the sharp price moves at launch to the limited token supply, heavy early trading, and changes in liquidity. An initial statement last month focused on fast-buying bots and insufficient liquidity.
$500,000 arrived, but only about $5,200 was used at launch
The report said a wallet that may have been controlled by an unnamed initial market maker received $500,000 before the launch. The wallet used only about $5,200 of that amount, or roughly 1%, in its opening liquidity positions.
The main pool, to which all providers contributed, held fewer than 30,000 LAPTOP. That amount represented about 0.003% of the initial 1 billion-token supply. According to the review, the pool was so shallow that a buy of just $6 could raise the displayed price by 5%.
At launch, LAPTOP’s price rose from $0.05 to about $320 in less than two minutes. By the end of the first hour, it had fallen to about 98% below that peak.
Hunter Biden calls for buyback and burn
In a statement on X, Biden described the market makers as the launch’s biggest winners. He called on the market maker he blamed for the launch to buy back and burn the tokens. This is Biden’s call; no buyback program has been announced.
According to Groom Lake’s findings, transactions linked to a second market maker generated approximately $2.18 million in net USDC proceeds. The wallet associated with the first market maker earned about $686,000 from its liquidity positions, some of which belonged to a lender. The report did not name either company.
All 300 million tokens in the founder wallet belonging to Biden and his team remained untouched as of October 7. In his statement, Biden also said he was responsible for the launch and personally took responsibility for its failure.