LAPTOP Founder Hunter Biden Defends Token's Launch-Day Price Spike

Hunter Biden, the founder of the cryptocurrency LAPTOP, has responded to criticism that the token's launch-day price spike was due to a market maker's error. Biden acknowledged that the launch pool was seeded with 29,000 tokens instead of the planned 5 million, causing a significant price increase. This resulted in a market capitalization of $317 billion, which Biden described as 'pure fiction'. The token's launch on Base on September 9 saw a total supply of 1 billion tokens, with 30% controlled by insiders and half allocated to the community.

Biden defended the project's distribution structure, saying it was designed to contrast with Trump family memecoins, which he claimed controlled 80% of their respective supplies. He also pointed out that founder tokens have never moved and are not going to move, and that no money has been taken from the foundation to insiders.

Blockchain data showed that one of two wallets tied to LAPTOP's allocations sent 17.5 million tokens, or 1.75% of the supply, to a burn address. Biden took responsibility for the launch and acknowledged that he should have explained the project's structure more clearly before launch.