The $LAPTOP memecoin launched on the Base network and promptly did what memecoins do best: made a small number of traders very rich and left everyone else holding the bag. Bubblemaps, the visual on-chain analytics platform, published data showing that roughly 80% of traders who touched the token ended up losing money.
The numbers paint a grim picture across the board. Over 11,000 wallets were down less than $1,000, around 700 wallets lost more than $1,000, and 100 wallets reported losses exceeding $10,000. At the extreme end, two wallets absorbed hits between $100K and $1M. Bubblemaps described the aftermath as a “bloodbath.”
A 99% crash in hours
The token, tied to the Hunter Biden laptop narrative, followed a trajectory that has become almost scripted in the memecoin playbook. An initial price surge pushed the market cap into the hundreds of millions, possibly into billions at its peak, before a crash of more than 99% within hours of launch.
The mechanics behind the implosion were textbook. Thin liquidity paired with high trading volumes created the conditions for extreme volatility. When the earliest buyers started selling into a shallow order book, the price collapsed almost instantly, trapping later entrants at prices that would never be seen again.
What made this particular launch more suspicious was the composition of the top holders. Bubblemaps’ analysis found that many of the wallets holding the largest positions were newly funded with little or no previous on-chain activity. That pattern is a strong signal for coordinated sniping behavior, where prepared wallets buy in the same block or within seconds of a token going live, front-running the retail crowd before most people even know the token exists.
The token launched with a total supply of 1 billion, with 35% unlocked at the token generation event. That structure gave early entrants a substantial pool to trade with immediately, while the concentrated holding pattern among fresh wallets suggests a significant chunk of the liquid supply was captured before organic buyers could participate.
The familiar memecoin math
The 11,000-plus wallets that lost under $1,000 each represent the long tail of retail participants who likely saw the token trending, bought in expecting momentum to continue, and watched their positions evaporate within minutes or hours. The 100 wallets that lost more than $10,000 are traders who sized up their bets, possibly believing they were early enough to ride the wave.
Bubblemaps closed its analysis with a pointed remark thanking Hunter Biden, a note dripping with irony given how the token’s narrative-driven hype cycle ultimately transferred wealth from thousands of retail wallets to a concentrated group of sophisticated traders.