LAPTOP Meme Coin Plummets 99% After Launch, Over 11,500 Wallets Report Losses

Written by: Daii

One cannot step into the same river twice.

The second time you step in, the water has already flowed away, and the people are no longer the same.

But it's entirely possible for a person to trip over the same stone twice in the same place.

The most ironic design of Hunter Biden's LAPTOP is allocating 2% of the total supply to wallets that suffered losses on TRUMP memecoins—as if to say: you were once charged an attention tax by Trump’s political hype; now you can claim compensation on the other side.

As a result, LAPTOP surged to $190.81 just two minutes after listing on Base, then quickly dropped by approximately 99%. According to The Block, citing Bubblemaps data, over 80% of buying wallets were initially underwater, involving more than 11,500 addresses. (Foresight News, Decrypt, The Block)

This is not about "left-wing coins losing to right-wing coins," nor is it about which side is better at issuing coins.

What it reveals is something more stable: political figures can change, slogans can shift from “Make America Great Again” to “Take Back the Narrative,” and the chain can even switch to Base—but the incentive structure behind celebrity memecoins won’t automatically change as a result.

Whether the river is named TRUMP or LAPTOP doesn't matter.

The real stumbling blocks have always been celebrity credibility, low liquidity with high valuations, front-running trades, and who can exit first.

LAPTOP from the computer that has been entangled with Hunter Biden for years.

The project reinterprets it as a symbol of resilience, redemption, and recovery. The core slogan on the official website is “Reclaim the narrative.”

Reclaiming the stigma and redefining it is a common communication strategy.

But as soon as you add a ticker to the narrative, things change. The story is no longer just a story—it’s sliced into a billion tradable tokens.

The officially listed allocation is:

• Founding team: 30%;
• 30% of the prediction shares correspond to 30 real-world events;
• 10% airdrop on day one, followed by another 10% airdrop;
• Liquidity 10%;
• Foundation treasury 5%, charity 5%.

35% unlocked on day one, totaling 350 million tokens. The founders' allocation is locked for six months, followed by a 24-month linear vesting schedule; the predicted allocation is also subject to a longer vesting timeline. The official team has clearly stated that LAPTOP is intended solely for entertainment and community engagement and does not represent equity, ownership, or any other economic rights. (LAPTOP Official Website and Tokenomics, Foresight News Pre-Launch Breakdown)

These numbers are more honest than any slogan.

Holders have no right to a share of Hunter Biden’s future income, no claim to foundation profits, and no power to force the team to maintain the price. What they purchased is not “ownership of the narrative,” but a ticket that others can continue to tell and that they can resell.

The so-called reclaiming of the narrative refers to reclaiming the issuer's commercial rights to the story.

What the buyer receives is only the uncertainty of whether someone will be willing to take over the story in the next moment.

10% of the first-day airdrop was divided into three groups: 4% to Hunter Biden’s Substack subscribers, 4% to Channel 5’s email list, and 2% to TRUMP loss addresses.

This looks a lot like compensation.

However, airdrops are not compensation. Compensation aims to repair losses; airdrops typically aim to create token holders, trading volume, and awareness.

The biggest difference between the two is whether they have a defined value.

A Substack subscriber could claim 4,276 LAPTOP tokens. At the peak price, the paper value briefly exceeded $1 million. However, there wasn’t enough money in the pool for all claimants to cash out simultaneously. The peak was merely the price tagged to all tokens from the last small trade—not a check that could be cashed in full.

Therefore, distributing the token airdrop to TRUMP losers is more like an extremely targeted re-marketing campaign:

• They are already familiar with using on-chain wallets;
• Has been shown to attract political figures and cultural conflicts;
• Has already incurred a loss in Renminbi;
• Now又被「anti-TRUMP」「compensate victims」new story recalled.

This is precisely where users should be most cautious with LAPTOP.

It didn't eliminate the risks from the previous river; instead, it used the list of those who fell into the previous river to create invitations for the next river.

The laptop appeared for about two minutes, briefly showing $190.81. During the same period, on-chain tracking indicated a fully diluted valuation of nearly $144 billion, while liquidity in the pool was only around $48,000. Although peak values varied slightly across data sources, the magnitude discrepancy was undeniable.

Putting these two numbers together explains the subsequent crash.

Fully diluted valuation is calculated as "last traded price × total token supply." If a shallow pool causes a small number of buy orders to push the last price very high, the system multiplies this inflated price by the billion-token supply, creating an astonishing market cap.

But it doesn’t answer the most important question: if a billion tokens are really going to be sold, how many dollars are on the other side?

Think of it as someone at the village entrance buying a bottle of water for $190, leading everyone to declare that a warehouse containing a billion bottles is worth $190 billion.

The problem is that the village's cash box contains only a few tens of thousands of dollars.

The price at which the first bottle sells can set the price for the entire warehouse; but it doesn't guarantee that the twenty-thousandth bottle will sell.

Therefore, LAPTOP's 99% drop is not merely a "market sentiment reversal." More accurately, the initial high price was never a level capable of accommodating a mass exit. It was a steep curve drawn by thin liquidity, bot front-running, and early sell orders.

For regular users, market cap and FDV are multiplication problems, but liquidity is a division problem: your position must be divided by the actual money in the pool willing to take the other side.

Foresight News's analysis of the contract shows that LAPTOP has no external minting function, no buy/sell taxes, no blacklist, no limits, and no upgradeable proxy. Based on the code alone, it is not a typical貔貅盘.

But this incident precisely illustrates that contract security and trading fairness are two different things.

Code can be free of backdoors, but information,筹码, and speed still offer front-door advantages.

Some knew the exact opening time in advance. Some received airdrops. Some used bots to bid on the first block. Some were responsible for market making. Some completed their buys and sells before media coverage reached the general public.

Ordinary users see "audited," "no minting," and "founder lock-up" and tend to combine them into one word: security.

But this information can only answer part of the questions:

• Audit answers whether the contract will execute as coded;
• Lock-up answers when a specific batch of tokens can be moved;
• None of them address whether the opening price is reasonable;
• Also does not answer whether liquidity is sufficient for you to exit.

Moreover, after the LAPTOP announcement, multiple blockchains quickly launched tokens with the same name. The official version is on Base, with the contract address 0xB095274743941e953c746F9C228DA9c18Bb6ec29. Verifying the network and contract address can help you avoid buying counterfeit tokens, but it won’t turn a legitimate token into a good asset.

People don't automatically gain immunity just because they've been burned once.

Sometimes, the first loss creates a dangerous desire: if only I get in earlier and exit faster next time, I can make the money back.

Meme coin issuers understand this desire best.

So, when you encounter the next celebrity coin, don’t start by asking, “Is this person more reliable than the last one?” First, check these six things:

• Look at liquidity, not just market cap. Even the highest market cap must be compared against USDC, ETH, or other actual quoted assets in the pool.
• Look at the actual circulating supply, not just the total supply. Who can sell on day one—airdrops, market makers, treasury, or team allocations?
• Look at the exit order. Who gets priority for tokens and block space: presale participants, whitelist, market makers, bots, or retail buyers?
• Look at the rights. Does the token correspond to income, assets, or governance, or has the official website already stated “no economic rights”?
• Read the contract, and also what lies beyond it. Audits cannot assess the motivations of celebrities, market depth, or the collective selling impulse of token holders.
• Check the contract address. Fake projects with the same name will capture the attention of the most impatient users.

TRUMP and LAPTOP have opposite political orientations but highly similar commercial grammar: turning support, anger, a sense of victimhood, and "this time I'll run faster" into something tradable.

This is why one cannot step into the same river twice, yet can stumble into the same fall in the same place twice.

The second water is different. The second coins also have new names, new slogans, and new factions.

But if you still substitute celebrity status for asset rights, paper market cap for actual liquidity, and a single successful sale for everyone’s ability to exit, then that stone has never moved.