Biden's Meme Coin Launches Amid Burn Mechanism Controversy
Hunter Biden, son of former US President Joe Biden, is launching a meme coin called LAPTOP on Base, an Ethereum layer-2 blockchain, on September 9. According to The Wall Street Journal (WSJ), the project will feature a burn mechanism tied to various events.
LAPTOP's name refers to Hunter Biden's laptop, which was reported to contain emails and photos from his overseas business dealings in 2020. Donald Trump's campaign had criticized Hunter Biden for potential conflicts of interest due to his father's presidency at the time.
The total supply of LAPTOP is 10 billion tokens, with 20% reserved for airdrops, including 2 billion tokens allocated to individuals who lost money on Trump's official meme coin, TRUMP. The remaining 80% will be distributed through charity, liquidity provision, exchange partners, and market makers.
The burn mechanism is tied to 30 specific events, including the Democratic Party winning the 2028 US presidential election and Bitcoin reaching an all-time high price. If any of these conditions are met, up to 30% of the total supply will be burned.