LAPTOP Crashes to Near-Worthless Status, Raising Rug Pull Suspicions
Cardano founder Charles Hoskinson has made light of the sharp collapse of LAPTOP, a memecoin linked to Hunter Biden. The asset surged to nearly $320 after launching on Base but lost around 99% of its value within hours. According to onchain data, more than 80% of wallets that purchased LAPTOP were in the red following the launch.
Hoskinson jokingly said that LAPTOP's 'true purpose' was eventually to match the price of a used MacBook Pro. He has been critical of politicians and their associates launching cryptocurrency projects, calling them speculative and politicizing an industry that should remain bipartisan.
Hunter Biden rejected claims of a rug pull, attributing the extreme price swings to limited liquidity, technical issues, and predatory trading bots. However, on-chain data reported by Quartz raised questions about his claim, showing that a project-affiliated multisig wallet received 100 million LAPTOP tokens before the launch and sold 42.5 million afterwards.