The memecoin #LAPTOP team of Hunter Biden said that its market maker deployed only $5,200 out of its $500,000 budget at launch and then withdrew its liquidity 84 seconds after the price reached its peak. Because of this extremely reduced liquidity, the token price briefly surged from its initial 5-cent price to a peak near $320 in under two minutes.
As a result of these moves and the volatility, two market makers ended up with million-dollar gains on their positions, while thousands of retail buyers suffered substantial losses. For his part, Hunter Biden has said that the project was not a premeditated scam, but a serious operational failure by the contracted liquidity providers, whom he publicly demanded to repurchase and burn the affected tokens.
As a result of these moves and the volatility, two market makers ended up with million-dollar gains on their positions, while thousands of retail buyers suffered substantial losses. For his part, Hunter Biden has said that the project was not a premeditated scam, but a serious operational failure by the contracted liquidity providers, whom he publicly demanded to repurchase and burn the affected tokens.