Hunter Biden's LAPTOP memecoin began trading on Base on Wednesday, rising to a short-lived high of $190.81 in the first two minutes before falling to as low as $3.70 less than one hour later.
The token was changing hands at $4.77 an hour after the open, down around 98% from the intraday peak. That gives a market capitalization of roughly $1.6 billion against a verified circulating supply of 350 million tokens, and a fully diluted valuation near $4.8 billion. Pooled liquidity stood at $2.5 million, according to CoinMarketCap.
Blockchain intelligence firm Arkham said that shortly after the open the token's FDV had reached $144 billion while the liquidity pool backing it held $48,000. Volume across 314 pairs was roughly $19 million in the first hour, concentrated in an Aerodrome Slipstream USDC pool taking 46.8% of turnover and Uniswap v4 on Base taking most of the rest.
LAPTOP is named after the computer Hunter Biden, son of former President Joe Biden, left at a Delaware repair shop in 2019, the contents of which became a fixture of the 2020 election.
A multisig that Arkham tags as a Laptop Token wallet received 100 million LAPTOP — a tenth of total supply — seven days before launch and has since distributed around 42.5 million of it, BaseScan data shows.
Market maker GSR received 15.5 million tokens four days before the open, routed through an intermediary address. GSR has been distributing since, including transfers of 9 million, 1.5 million and 500,000 tokens on Wednesday. Wintermute holds around 1.8 million in a hot wallet, and balances have appeared at Bitvavo, Kraken, KuCoin and Bitpanda deposit addresses, Arkham shows.
The largest single transfer, 14.5 million tokens, went to an unlabelled address roughly two hours before trading opened. Neither Arkham nor BaseScan identifies the recipient.
Each large transfer was preceded by a test send of 10 to a few hundred tokens. Pre-launch allocations to market makers are standard practice, and LAPTOP's tokenomics set aside 20% of supply for liquidity and operations. CoinDesk has contacted GSR for comment.
One of the 30 outcomes tied to LAPTOP's burn schedule is whether its market cap overtakes TRUMP's. It already has: $1.6 billion against $615 million, and $4.8 billion against TRUMP's $2.26 billion on a fully diluted basis. The project has not spelled out the measurement or timing conditions attached.
TRUMP launched in January 2025, peaked near $73 and trades around $2.25, roughly 97% below its high. Nearly a million wallets lost a combined $3.8 billion on TRUMP, and LAPTOP has earmarked part of its 20% airdrop allocation for wallets underwater on the token.