A market maker received 2.5 million LAPTOP tokens from the project team and has sold one-fifth of the allocation: 466,255 tokens at an average price of $4.47, for proceeds of $2.08 million.[2][1] LAPTOP, which Bloomingbit describes as a meme coin launched by Hunter Biden, fell nearly 90% shortly after trading began.[4][3] What is left of the grant sits in an office with a single client, a standing order, and no door on the sell side.

Token debuts are dinners with a price feed, and somebody has to arrange the seating. Margaux Oyebanji, chief of introductions, does that for a living. “The grant is a courtesy,” said Margaux Oyebanji. “You seat the guest near the pantry. The pantry is the market.” The wallet diversified (it diversified one-fifth of the way into dollars). The trade calls this providing depth. Depth, as arranged, only moves one way.

Margaux Oyebanji also circulates the posting for a debut market maker, and it is short. “Requirements: depth, the appearance of depth, and the willingness to leave before dessert,” said Margaux Oyebanji. Her office keeps a junior staffer whose whole job is to count the tokens leaving the room and to look at the wall while counting. The wallet’s holdings statement runs to a few lines: the grant, the proceeds, and a room marked Depth with no floor, no clock, and a door that only swings out.

At press time, four-fifths of the grant had not been sold. The wallet is providing depth to whoever is still seated.