Hunter Biden's LAPTOP Memecoin Crashes 95.7% in First Hour

Hunter Biden, son of former US President Joe Biden, launched the politically themed 'LAPTOP' memecoin on Wednesday, marking a high-profile entry into the crypto space. The token was listed on Ethereum's Base layer-2 network and saw a rapid price drop from $199.50 to $2.0977 within the first hour, representing a 95.7% decline.

The project's disclosures describe LAPTOP as a digital collectible with no utility or profit rights, setting a fixed supply of 1 billion tokens. Founders, including Biden, received 30% of the total supply, locked for six months and then vested monthly over 24 months. Airdrops were allocated to wallets that lost money on Trump-linked crypto, as well as subscribers to Biden's newsletter.

Biden responded to criticism by framing the token's ticker as 'resilience, redemption, and recovery,' while acknowledging cynicism around memecoins. He also warned buyers not to expect him or others to make LAPTOP more valuable.