Biden's Memecoin Sinks 98% in First Hour, Insiders Blamed for Crash
Hunter Biden's memecoin, LAPTOP, crashed 98% within an hour of its launch on Base, a Layer-2 blockchain developed by Coinbase. The coin had briefly hit $190 in the first two minutes before plummeting to $3.70.
Biden attributed the initial price spike and subsequent fall to technical issues and 'predatory snipers' who tried to outpace liquidity providers. He also refuted claims of a 'rug pull' or any involvement in the price manipulation, stating that the team's allocation is locked and nobody on his side sold.
On-chain data attributed the price collapse to insider distribution rather than ordinary selling. A wallet labeled as a Laptop Token address received 100 million tokens, roughly 10% of the total supply, seven days before launch, and then sold 42.5 million of them into the market.
Eric Trump took a dig at the fiasco, saying 'Hunter should go back to painting...' It's worth recalling that the official memecoins launched by President Donald Trump and First Lady Melania Trump met the same fate last year. Official Trump is down 97% from its post-launch highs.