The LAPTOP meme currency rose by 21% after the release of a survey result regarding its historic 99% plunge.
This analysis mainly attributes the collapse to a low liquidity arrangement by a market maker, stating that this made it “1,000 times easier to push prices up than to exit.”
With the upcoming mid-term elections, LAPTOP may face speculative pressure.
The meme coin, which was recently launched by Hunter Biden, rebounded by 21.11% on the very day a comprehensive forensic report regarding its recent 99% collapse was released.
It is worth noting that the son of this former U.S. president, Joe Biden, launched the LAPTOP meme coin as a form of retaliation against President Donald Trump's TRUMP meme coin and his political stance.
However, LAPTOP plummeted by an astonishing 99% not long after its launch, and Hunter stated that they would investigate this matter.
In order to dispel doubts from the outside world about "celebrities driving up prices before selling off," his team hired an independent digital and blockchain forensic investigation firm, Groom Lake. This firm has established a good reputation for successfully thwarting a Lazarus Group-related DeFi theft case.
LAPTOP Crash Method Evidence Analysis
Firstly, the tokens of the founding members are still stored in one address, and no one has cashed them out since the platform went live.
Secondly, Hunter mainly attributes the decline in token value to a trusted “Market Maker 1”. This institution only contributed $5,200 out of the agreed $500,000 to the liquidity pool. This means that the pool was initially only open to about 30,000 tokens, which is 0.003% of its total supply of 1 billion tokens, making it “1,000 times easier to push up prices than to exit”.
In the end, this market maker withdrew from the liquidity pool, making a profit of $686,000, while the second market maker earned $2.1 million in the DEX transaction.
Here, Biden calls on this unnamed market maker to buy back and destroy the tokens. He added that his tokens have been locked for 6 months and will be gradually unlocked over a period of two years.
Currently, the team plans to destroy the tokens that were not claimed during the first round of airdrops.
Community Reaction
Most crypto communities are still criticizing the token of Hunter, comparing it to other failed internet celebrity tokens.
PolitiFi Token
Despite the weaker performance of the broader crypto market, LAPTOP still recorded gains over the past day. Today, LAPTOP has made it into the top five tokens of PolitiFi; as the mid-term elections in the United States approach, its future performance remains highly speculative.
