$LAPTOP Implodes: Hunter Biden's Meme Coin Crashes Within Hours
On Wednesday morning, Hunter Biden launched his meme coin, $LAPTOP, which was inspired by a laptop he left at a repair shop in 2020. The price of the coin started at $199.51 per unit, but it quickly tanked to around $4 within an hour and then halved again to about $2 by the afternoon.
The launch of the meme coin has been criticized as a 'rug pull,' where the issuer sells their own liquidity when the price is highest, leaving others in the lurch. While there is no evidence that Biden or someone close to him engaged in this practice, his reputation has taken a hit.
Biden's foray into meme coins comes after he gained attention for speaking about populism and fighting addiction on a world tour this summer. His coin was also seen as a commentary on Donald Trump's crypto cash grabs, with Biden offering free coins to those who lost money on $TRUMP.