$LAPTOP Aims Directly at Trump with Meme Coin Launch
Hunter Biden is launching a meme coin called $LAPTOP on September 9, which will trade on Base, a blockchain built by Coinbase. The token's name references the laptop that contained compromising information about his father, former President Joe Biden, and was at the center of conspiracy theories in 2020.
According to the Wall Street Journal, $LAPTOP is aimed directly at President Donald Trump and his own meme coin, $TRUMP. Roughly 20% of the one billion tokens will be sent to crypto wallets belonging to people who lost money on $TRUMP, as well as subscribers to Hunter Biden's Substack and a mailing list run by his friend Andrew Callaghan.
The founders of $LAPTOP, including Hunter Biden, will hold 30% of the supply, locked for six months and fully vesting over two years. In an unusual twist, they have agreed to destroy up to 30% of the tokens if a series of predetermined events breaks their way, including a Democrat winning the 2028 presidential election or $LAPTOP's valuation topping $TRUMP's.
The launch caps a weeks-long media blitz for Biden, who has been embracing digital currency and calling it the 'inevitable future.' Trump, on the other hand, campaigned on making the US a global crypto hub and backed stablecoin legislation during his presidency. His financial disclosures showed roughly $1.4 billion earned from crypto and meme-coin ventures last year.