Biden's LAPTOP Coin Crashes but Maintains Multi-Billion Dollar Valuation
US politics has collided with the world of meme coins in a big way. Hunter Biden, son of Joe Biden, launched his own token called LAPTOP on September 8th this year. The coin debuted under the $LAPTOP ticker and quickly rose to a high of $315 before plummeting to as low as $1.50.
The total supply of LAPTOP is 1 billion, and despite the massive price crash, it still maintains a fully diluted valuation (FDV) of over $1.6 billion and a market capitalization of around $578 million.
Hunter Biden used his social media platform to slam Donald Trump's TRUMP meme coin, which he claimed resulted in investors losing millions. He announced that 20% of LAPTOP's supply would be distributed through two free token giveaways for those who lost money due to TRUMP investments.
Biden stated that the main purpose of LAPTOP is not as an investment tool but rather to address the laptop controversy and help affected TRUMP investors. 'You should not expect me or anyone else to make this token more valuable for you,' he said in a statement. 'LAPTOP isn’t just about owning something, it’s about saying something.'
The LAPTOP coin's distribution plan also includes allocating 30% of the supply to founders, with some tokens locked for six months. Another 30% will be allocated to political, crypto, and cultural predictions, which if correct will result in token burning, while incorrect predictions will lead to charity donations.