Hunter Biden denies profiting after LAPTOP memecoin crashes over 95% on launch day
LAPTOP memecoin plunges over 95% within an hour of trading
Hunter Biden's memecoin, named LAPTOP, lost more than 95% of its value in its first hour of trading on Wednesday. Biden has denied profiting from the token after its launch-day price crash.
The token is based on a laptop Hunter Biden reportedly left at a repair shop in 2019, which became a political topic. It trades on the Base blockchain.
Key details from the launch and crash
- The memecoin crashed over 95% in the first hour, according to user reports.
- Hunter Biden stated he and his team did not sell any tokens, and his personal profit was zero.
- The LAPTOP team claimed no presale or insider allocations occurred before the launch.
- Blockchain data showed mixed results for early wallets, with some seeing unrealized losses.
Hunter Biden's personal denial and explanation
In a post on X, Hunter Biden said, "The team’s allocation is locked. Nobody on our side sold, and nobody could have. I, personally, have not made a single dollar." He blamed the price drop on insufficient liquidity and "snipers," which are trading bots that quickly buy tokens when trading opens.
Biden did not respond to Cointelegraph's request for comment.
Team defends launch and announces incentives
The LAPTOP team, in a Medium post, defended the launch by stating there was "no stealth deployment, no hidden supply, and no surprise to benefit insiders." They said the initial pool launched at $0.05 per token, but market maker liquidity was insufficient to meet demand.
The team announced plans to deploy 4 million tokens (0.4% of total supply) as liquidity incentives for Aerodrome pools starting Thursday at midnight UTC. They also plan to burn 10 million tokens (1% of total supply) within the first week through a predictions program.
Token allocation and lock-up schedules
According to the project's disclosures, founders are allocated 300 million tokens (30% of the 1 billion token supply), which are locked for six months and then vest monthly over 24 months. Another 30% is allocated to predictions tied to events, with tokens burned or sent to charity based on outcomes.
Additionally, 2% of tokens are reserved for wallets that lost money on the TRUMP memecoin, 8% for eligible subscribers to Biden's newsletter, and 10% for future airdrops.
Blockchain data shows mixed wallet performance
Nansen data shared with Cointelegraph showed one wallet with an unrealized loss of $117,800 and another with a paper loss of $12,300. Two other wallets had unrealized gains of $13,100 and $1,800. None of these wallets had sold at the time of the snapshot.
Nansen recorded 46,675 buy transactions and 16,038 sell transactions in 24 hours, involving 20,085 unique buyers and 8,714 unique sellers. Bubblemaps reported that 60% of LAPTOP's top-holder wallets had no prior activity, with most funded on launch day.
Confirmed facts from the incident
It is confirmed that the LAPTOP memecoin lost over 95% of its value in its first hour of trading. Hunter Biden publicly denied profiting from the token. The team announced no presale or insider allocations occurred. Blockchain analytics from Nansen and Bubblemaps provided data on wallet transactions and top holders.
Unconfirmed claims and speculation
Claims that the crash was caused by "snipers" and insufficient liquidity are presented by Hunter Biden and the team but are not independently verified in the source. Accusations of a "rug pull" from some X users are also unconfirmed claims.
Why this political memecoin is drawing attention
The LAPTOP memecoin is linked to a political figure and a past election controversy, making it a notable example of how political events can influence cryptocurrency markets. The incident highlights issues around liquidity and bot trading in new token launches.
Upcoming liquidity incentives and token burns
The team has announced specific plans for liquidity incentives and token burns in the near term. These include deploying 4 million tokens as liquidity incentives and burning 10 million tokens within the first week of launch.
