Biden's Memecoin LAPTOP Suffers Brutal 95.7% Price Crash After Launch

Hunter Biden's new memecoin, 'LAPTOP', launched on Wednesday, sparking controversy and volatility in the crypto market. The token debuted on Ethereum's Base layer-2 network at $199.50, but quickly plummeted to $2.0977 within the first hour, representing a sharp 95.7% decline.

The project's disclosures describe LAPTOP as a digital collectible with no utility or rights to profits, governance, or yield. Founders, including Biden, received 30% of the 1 billion-token supply, which is locked for six months and then vested monthly over 24 months.

Bubblemaps data indicates that most of the top holders are wallets funded within the past 10 days, suggesting short-term positioning around the launch. The project's airdrop structure allocates up to 2% of the supply to wallets that lost money on Trump-linked crypto, with eligibility tied to specific conditions outlined in the disclosures.

Biden addressed the backlash on X, framing the token's ticker as 'resilience, redemption and recovery'. He acknowledged the cynicism around memecoins but warned buyers not to expect him or others to make LAPTOP more valuable.