Hunter Biden's LAPTOP Coin Crashes 95% in Price After Launch
Hunter Biden, the second son of former US President Joe Biden, has launched a cryptocurrency meme coin called 'LAPTOP' based on his infamous laptop scandal. The coin's price surged to $300 in just seconds after its launch on September 9th but immediately plummeted by more than 95%.
The LAPTOP coin was issued on the Base blockchain network developed by Coinbase, and listed on Aerodrome, a decentralized exchange (DEX). According to CoinGecko, the price of the coin had dropped to $1.93 just hours after its launch, with a market capitalization of around $675.87 million.
Hunter Biden has been critical of President Trump's meme coins in the past, calling them 'abused by fraudsters.' He promised to give 2% of his laptop coin supply free of charge to investors who lost money trading Trump's coin ($TRUMP). However, this move may have backfired as the LAPTOP coin also suffered a significant price drop.
The distribution structure of the LAPTOP coin has raised eyebrows, with 30% of the start-ups reportedly locked for six months. Twenty percent of the remaining supplies will be distributed free of charge to investors who lost money on Trump's coin and subscribers to Hunter Biden's newsletter 'Substack.'