The team behind Hunter Biden's newly launched LAPTOP memecoin said sniper bots and thin initial liquidity drove the memecoin's sharp first-day price swing volatility, and that the project will add pool incentives.
LAPTOP had a volatile first hour of trading on Wednesday, briefly reaching a market capitalization of around $110 billion before crashing more than 99%, according to DexScreener data. The token's price surged above $300 after the airdrop before giving back most of the gains. It was trading at around $0.84 as of 12:10 a.m. ET Thursday.
Blockchain analytics firm Bubblemaps called the LAPTOP's launch a "bloodbath," pointing out that about 80% of LAPTOP traders lost money, including two who lost $100,000 to $1 million, about 100 who lost $10,000 to $100,000, and about 700 who lost $1,000 to $10,000.
In its own Medium post published Wednesday, the LAPTOP team said that the initial pool launched the token at $0.05 and encountered "significant demand," making it a target for "predatory sniper bots."
"The market maker's initial liquidity was insufficient to meet this demand, and resulted in a sharp price spike up and down before liquidity could catch up," the project said.
