Hunter Biden's new LAPTOP token lost 98% of its value in under an hour after $1.6 billion debut

BREAKING: Hunter Biden's new LAPTOP token collapses 98% in under an hour after a $1.6 billion debut.

Hunter Biden launched a crypto token called LAPTOP. It lost 98 percent in under an hour.

Yes, that Hunter Biden, and yes, he really named it after the laptop. The token debuted at a valuation of one point six billion dollars, which lasted about as long as it takes to read that sentence out loud. Within the hour, nearly all of it was gone.

A one point six billion dollar debut collapsing that fast usually means one thing. Early holders sold into whatever hype there was, and everyone who bought at the top is now holding a very expensive souvenir. Celebrity tokens have burned people before, but doing it with a name that's already a punchline takes a certain confidence.

The hardest fact in this story is simple. Somebody bought at one point six billion, and an hour later the market told them exactly what it was worth.

This is Sara White, reporting for HIT.