Hunter Biden launched LAPTOP to cure memecoin grift and created a whole new batch of losers

Hunter Biden’s LAPTOP token left nearly 80% of traders underwater within hours despite being pitched as an answer to memecoin grift. Hunter Biden is the son of former US President Joe Biden.

Data from Bubblemaps showed that 12,151 of the token’s 15,206 traders lost money, while only 3,026 were profitable and 29 were at break-even or held positions that could not be priced.

Most of the losses were relatively small, with 11,311 wallets down less than $1,000. But 726 traders lost between $1,000 and $10,000, another 112 lost between $10,000 and $100,000, and two were down between $100,000 and $1 million.

The other side of the trade was far more concentrated. Just 10 wallets made between $100,000 and $1 million, while another 78 earned between $10,000 and $100,000.

Those 88 traders collectively generated about $5.57 million in profit, helping leave aggregate trader P&L slightly positive at roughly $178,000 despite almost four out of every five participants losing money.

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