Overview
- The token debuted on Base on Wednesday and spiked to roughly $190–$300 within minutes before dropping about 98–99% inside an hour, then stabilizing at low single‑digit to sub‑dollar trading.
- On‑chain trackers showed large pre‑launch transfers to a multisig and to market‑making firms including GSR and Wintermute, plus very shallow liquidity pools that magnified price swings.
- Project documents set total supply at 1 billion tokens with founders, including Biden, allocated 30% subject to a six‑month lock and two‑year vesting, and airdrops and event‑linked burns built into the plan.
- Blockchain analytics recorded concentrated early profits for a few wallets (one realized about $1.18 million) while many retail buyers suffered large losses, a pattern analysts say fits sniper‑bot and thin‑liquidity dynamics.
- After launch the LAPTOP team denied any founder sales, announced liquidity incentives and token burns to shore up markets, and Base said it did not help design or promote the token, raising legal and reputational questions for politically branded meme coins.