Biden Family Joins Crypto Fray with Meme Coin Takedown
Hunter Biden is launching his own cryptocurrency meme coin, which pokes fun at the infamous scandal surrounding his father's business dealings.
The coin, whose details are being reported by The Wall Street Journal, will be available on Coinbase's Base blockchain network starting Wednesday. One billion coins will be supplied over two years, with 20% allocated to those who lost money investing in the Trump family's $TRUMP coin and subscribers to Biden's Substack newsletter.
According to the report, Hunter Biden and his co-founders will retain a third of the coins, which they won't be allowed to sell for six months. Another 20% will go to charity or cover costs, while the remaining 30% will be 'burned' if certain conditions are met.
Among these scenarios is a Democrat winning the 2028 presidential election and Bitcoin reaching an all-time high. If these conditions occur, the coins will become scarcer, potentially increasing their value.