Hunter Biden $LAPTOP memecoin crashes 99% from its all-time high

The $LAPTOP memecoin tied to Hunter Biden has fallen 99% from its record peak.

With a total supply of 1 billion tokens, its market capitalization reached $110 billion within minutes of going live. At the time of writing, though, the fully diluted valuation stands at just $1.9 billion.

Minute-by-minute volume is averaging between $20,000 and $30,000, while the price sits just under $2, down from the $316 all-time high.

Snipers hit Hunter Biden's $LAPTOP token at launch

Earlier this week, the token was unveiled to little fanfare from the crypto community, with both Pump Fun and Kraken promoting it before backtracking on their support.

Several observers claim to have seen snipers — bots built for ultra-fast trades — taking advantage of the launch.

Crypto analyst Dethective claims one of those snipers made around $190,000.

Donaxbt, another analyst, says the top-earning sniper they saw made $335,000, while other snipers have reportedly banked well over $60,000.

Separately, market maker Wintermute has, according to Lookonchain, already sold $2 million of the $LAPTOP it got from the project team.