Hunter Biden's LAPTOP Memecoin Crashes by 96% in First Hour

Hunter Biden's foray into cryptocurrency has resulted in a new memecoin called LAPTOP, which is intended to reclaim the 'laptop narrative' from his past. The token was launched on Ethereum layer-2 network Base and traded at $4.36 in its first hour of trading, down 95.7% from its opening price of $199.50.

The project's disclosures describe LAPTOP as a digital collectible with no utility, ownership rights, voting rights, yield or profit-sharing rights. The token has a fixed supply of 1 billion, with founders including Biden allocated 300 million tokens, or 30% of the supply.

Biden responded to public backlash on X, saying 'The symbol they used to try to end me is now a symbol of resilience, redemption and recovery.'