12,000 wallets losing $6.4M on $LAPTOP tells you how brutal the other side of these launches can be. When 80% of traders lose, the obvious question is who was selling into them. Usually it is some mix of early buyers, insiders, snipers, market makers or wallets that got positioned before retail arrived. Once attention spikes, late buyers provide the exit liquidity. That does not automatically mean anything illegal happened, but the wallet distribution matters a lot. If a small group accumulated cheap, then sold heavily into the pump while thousands of wallets bought higher, that is a very different story from normal market rotation. For me, the biggest lesson is not chasing the headline return. Check holder concentration, early wallet activity, liquidity depth and who actually controls supply before buying. $LAPTOP dropping 95% shows why entry matters just as much as narrative. If most of the crowd lost, someone on the other side of that trade won very big.