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Points of Focus
- Bubblemaps data show 12,151 of 15,206 tracked $LAPTOP traders lost money, giving the token a 79.9% loss rate after its Sept. 9 launch.
- One trader made more than $1 million within minutes, according to Lookonchain, while $LAPTOP later traded more than 95% below its launch-day peak.
- The $LAPTOP distribution reserved 2% of supply for users who lost money trading $TRUMP. Bubblemaps previously counted about 1 million losing $TRUMP wallets with $4.5 billion in combined losses.
Nearly four in five traders tracked by Bubblemaps lost money trading Hunter Biden’s $LAPTOP within hours of the memecoin’s Sept. 9 launch. The analytics firm counted 15,206 traders in its dataset. Of those, 12,151 were in the red, 3,026 were profitable and 29 were classified as break-even or could not be priced.
Biden launched LAPTOP on Base with a fixed supply of 1 billion tokens. According to the official tokenomics, 35% of supply was unlocked at launch, including allocations for airdrops and liquidity.
One part of the distribution directly tied the launch to Donald Trump’s $TRUMP memecoin. 20 million LAPTOP, equal to 2% of supply, was reserved for wallets that had lost money trading $TRUMP, while another 8% went to eligible subscribers of Biden’s Where’s Hunter? newsletter.
More than 12,000 $LAPTOP traders lost money
The Bubblemaps breakdown puts the share of losing traders at 79.9%, which the firm rounded to 80%.
Most losing addresses were down less than $1,000, accounting for 11,311 traders. Another 840 lost more than $1,000, including two addresses down between $100,000 and $1 million. Combined losses reached about $6.63 million.
Profits were concentrated among fewer wallets. 88 traders made more than $10,000, including 10 with gains above $100,000. Total gains reached roughly $6.81 million, leaving aggregate P&L slightly positive at about $178,000 despite 79.9% of traders being underwater.
Concentrated gains have also appeared elsewhere in crypto markets. Santiment data showed wallets holding between 10 and 10,000 BTC adding 19,610 Bitcoin after July 29, while balances held by wallets below 0.01 BTC fell 0.55%.
$LAPTOP plunges as one trader clears $1 million
An earlier analysis of $LAPTOP’s launch found that the token briefly reached a fully diluted valuation of $144.96 billion while tracked pool liquidity stood at only about $48,000.
Lookonchain tracked one wallet that spent 100 ETH, worth about $249,800 at the time, to buy 9,124 LAPTOP. The wallet later sold 8,480 tokens for 472 ETH, worth about $1.18 million, while retaining 644 LAPTOP. Lookonchain estimated the trader’s combined realized and unrealized profit at more than $1 million.
The broader market moved in the opposite direction. CoinGecko recorded a high of $199.51 and a low of $0.7234 over the 24-hour period. By Sept. 10, $LAPTOP was trading around $0.79, down 97.1% over 24 hours and more than 99% below the session high at its lowest point.
Bubblemaps also reported that 60% of $LAPTOP’s top holders were wallets funded within the previous 10 days, most for the first time on launch day. The firm has not linked them to Biden or other insiders. A separate LootBot-linked drain this week showed how wallet-level tracing is also being used to follow multichain exploits affecting thousands of addresses.
About 1 million $TRUMP wallets were also underwater
Bubblemaps previously counted about 1 million losing $TRUMP wallets with $4.5 billion in combined losses among addresses that traded the token on decentralized exchanges. Thirty-six traders made more than $10 million each.
A Public Citizen analysis using Nansen data estimated that roughly 1 million likely retail wallets were underwater among about 1.6 million $TRUMP buyers, with combined losses of $3.2 billion. The datasets use different methodologies and wallet populations.
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