Bonk Guy slams LAPTOP, calling it a "pump and dump" scam that is destined to rally before crashing back to near zero.

According to GMGN data, the Meme coin LAPTOP FDV, issued by U.S. President Biden’s son, hit a peak fully diluted valuation (FDV) of over $300 billion within two hours of its launch, then slumped to $18 billion, representing a roughly 99.43% decline, with a trading volume of $9.6 million.

On-chain analyst Ai Yi (@ai_9684xtpa) reports that 40 minutes ago, two newly created wallets each received 4,276 LAPTOP tokens from the Hunter Biden Substack subscriber airdrop contract. They subsequently sold the tokens, earning approximately $404,000 and $243,000 respectively, for a total profit exceeding $647,000. On-chain data shows an ETH transfer link between the two addresses. Address 0x8DA…4A18d has transferred the USDC proceeds from the sale to the publicly marked address of Safe architect FloB (@FloB_Safe).

Aerodrome announced in a post that the Hunter Biden-related meme coin LAPTOP has been listed on its platform, and the LAPTOP-USDC liquidity pool is now open for trading. The protocol also stated that it is allocating 4 million LAPTOP tokens for incentives.

Algorand Foundation has appointed William Herkelrath as its new chief executive officer (CEO), with Herkelrath officially taking over the role on August 31 from Staci Warden, who served in the position for nearly five years. Herkelrath will lead efforts to expand Algorand’s institutional finance business and strengthen the blockchain’s technical measures to address potential quantum computing threats. Previously, Herkelrath held roles at blockchain oracle project Chainlink and crypto custody firm Curv, and most recently co-founded AI automation platform K3 Labs. He stated that Algorand’s quantum-resistant accounts are already in actual operation, not merely on the project roadmap, and will work to promote these capabilities as industry standards. Algorand added post-quantum signature support in its v42 consensus upgrade, with accounts utilizing the lattice-based cryptography Falcon-1024 signature system. Additionally, Herkelrath and Alex Fowler, chief strategy officer at Nexus Laboratories, will join Algorand’s board of directors, while Rebecca Rettig and Michael Mosier are stepping down from the board.

Crypto KOL Rune (@RuneCrypto_) has published a post questioning LAPTOP’s claims of “no insiders” and “fair launch.” He noted that despite the project announcing its launch two days in advance and claiming no insider allocations, eligible Hunter Biden Substack subscribers were able to claim 4,276 LAPTOP tokens each. At its peak price, each airdrop was valued at roughly $1 million, Rune said. Multiple newly created wallets that had never traded any tokens before sold their holdings immediately after claiming the airdrop, he added. To date, millions of LAPTOP tokens have been claimed and dumped, while airdrop wallets still hold approximately $7.9 billion worth of the tokens. Rune stated that LAPTOP’s price has dropped by 95% compared to 15 minutes prior, attributing the selling pressure to airdrop recipients. He sarcastically remarked that the project’s so-called “insiders” are merely labeled “subscribers” — they do not need to buy tokens in advance, instead receiving them for free to sell to secondary market buyers.

According to official website data, the mainstream liquidity pool (LP pool) for Biden’s son-themed Meme coin LAPTOP has been set up on Aerodrome. This pool charges a 2% transaction fee, with a cumulative trading volume of $510,000 and a total value locked (TVL) of $2 million. However, likely due to trader habits, the official pool has not outperformed the community pool. On Uniswap, LAPTOP’s community LP pool has a minimum transaction tax rate of 5%, a TVL of just $705,000, but has already recorded an actual trading volume of $6.426 million, with a pool APR as high as 19,412%.