LAPTOP Crashes 99% at Launch: Market Maker Sells Millions, Batch Sybils Cash Out?

Original title: "LAPTOP Crashes 99% at Launch: Market Maker Sells Millions, Batch Sybils Cash Out?"

Original author: Maher, Foresight News

At 8 p.m. on Sept. 9, the meme coin LAPTOP, launched with Hunter Biden's involvement, opened on Base. By around 11 p.m., according to GMGN market data, the extremely thin liquidity pool caused extreme price wicks at the opening, with its FDV briefly soaring to over $300 billion before quickly falling to around $1.82 billion. It is now quoted at $1.828, a drop of over 99%.

The token was originally promoted as a project to compensate TRUMP holders for their losses. In response, Eric Trump posted a mocking tweet saying, "Hunter should go back to painting."

The official total supply is 1 billion tokens. Trading first appeared in pools such as Aerodrome and Uniswap on Base. As of press time, major exchanges have not listed the token.

According to Lookonchain monitoring, an address starting with 0xb02b withdrew $250,000 from Binance in advance to buy LAPTOP as soon as it launched. It ultimately spent $200,000 at a high price of $218 to buy 919 LAPTOP. By around 9 p.m. tonight, that position was worth only about $3,000.

Some lucky traders also made substantial profits. According to Lookonchain monitoring, a trader spent only 900 USDC to snap up 2,268.56 LAPTOP at a unit price of $0.40. The trader then quickly sold all tokens at an average price of $111, receiving 251,270 USDC, a profit of over $250,000 and a return of about 278x.

LAPTOP's price performance is not surprising. LAPTOP's disclosure documents state that the token has no utility, no governance, and no rights to revenue. What truly determined pricing after the launch was the pace of airdrop claims, market maker inventory, and the ability of momentum chasers to absorb selling.

LAPTOP's price was pushed to illusory highs in thin liquidity, then quickly plummeted amid airdrop claims and secondary selling. On-chain, pairs of new addresses claimed and immediately sold tokens, market maker accounts began offloading, and the project team continued to describe the launch with words like "resilience, redemption, and recovery."

Wintermute Sells Tokens for $2.08 Million

On-chain monitoring identified several sources of selling pressure. According to Ai Yi's monitoring, besides GSR Markets and G20, Wintermute is also one of LAPTOP's market makers. Twenty-three hours ago, Wintermute received 2.5 million market-making tokens from LAPTOP's multi-signature address and has now distributed them to multiple exchange deposit addresses. The other two market makers received tokens days ago.

Lookonchain monitoring shows that market maker Wintermute received 2.5 million LAPTOP from the project team and subsequently sold them on-chain. At the time of disclosure, it had sold about 466,300 tokens at an average price of about $4.47, receiving about $2.08 million, and still holds over 2 million tokens.

It is not uncommon for teams to hand tokens to professional market makers, but appearing within two hours of launch, when the price has already fallen 90% from its illusory high, there is only one way to read it: someone is converting liquidity into stablecoins.

Subscribers Sell $3 Million in Tokens

In this airdrop, Biden's subscribers became the beneficiaries. After receiving the token airdrop, most chose to sell.

Trader Rune posted bluntly: If you hold LAPTOP, you should sell. Airdrop wallets collectively hold tokens worth about $7.9 billion, and each Biden subscriber received $400,000 in tokens and immediately sold. Rune also said he is certain the official team created one million paid Substack accounts, and so far, "subscribers" have sold about $3 million in tokens.

However, it should be noted that the $400,000 figure is likely exaggerated and more likely represents aggregated cash-outs after multiple Sybil addresses cashed out.

He also posted market transaction records as evidence.

After that, the trader doubled down, posting a new wallet (0x8DA...A18d) that claimed 4,276 tokens for free and sold them for $400,000.

Even stranger, the same wallet sent 0.02 ETH to another new wallet (0xc27...b591), which also claimed 4,276 tokens for free and sold them for about $200,000.

Users in the Twitter comments questioned coordinated selling based on this. This does not prove the same controller, but the behavior pattern is clear enough: free chips were not treated as "narrative keepsakes" but as instant cash.

According to Bubblemaps monitoring, most of LAPTOP's major holding addresses are newly created wallets, 60% of which had no prior activity. In other words, the current large holders do not look like organic retail investors but rather a batch of freshly opened wallets.

The 30-day claim window is not over, and selling pressure is rushing in.

Another Pump and Dump

Trader Bonk Guy (@theunipcs) posted after LAPTOP's launch that the token's FDV once reached $100 billion and described the project as being launched by "people who know nothing about the crypto industry and are motivated by profit."

Bonk Guy also questioned Hunter Biden's connection to the crypto industry and criticized his father's hostile stance toward crypto during his presidency. He bluntly stated that anyone who buys LAPTOP "deserves to lose all their money" and predicted the token could become one of the fastest celebrity coin "pump and dump" cases in crypto history.

In LAPTOP's token allocation, the 30% founding team share is still in a lock-up period and does not yet constitute immediate selling pressure. What is actually entering the market is the unlocked airdrop, liquidity, and market maker inventory. The 30% tied to the prediction event must wait for a ruling and will neither be burned nor become buying pressure in the short term. The circulating supply is about 350 million tokens. Compared with current daily trading volume of tens of millions of dollars and thin pools, any concentrated wave of claim selling will push the price down.

Political celebrity coins are not new. TRUMP pushed its market cap to the tens of billions of dollars in early 2025, then gave back most of its gains. This time, LAPTOP just compressed the timeline from days to tens of minutes.

As of press time, according to GMGN data, the number of holders exceeds 27,000.

The project's token source code has been verified, and technically it is indeed clean. But being clean does not solve another issue: holders of free chips have no obligation to accompany the so-called "redemption" narrative through a 36-month unlock schedule.