$LAPTOP Plunges 95% in Value After Hunter Biden's Memecoin Launch
Hunter Biden launched his own memecoin, $LAPTOP, on Wednesday morning, which initially surged to $22 before plummeting by over 95% in value. At its peak, the token was worth as much as $22 at 8:05 a.m. EDT, but by 12:20 p.m., it had dropped to just $1.79.
This price movement is consistent with the typical lifespan of memecoins, which have no intrinsic value and often surge due to social media hype surrounding their launch.
Biden's token was reportedly inspired by the controversy surrounding his laptop, which contained information about his business dealings and personal life. A total of 1 billion $LAPTOP tokens were expected to be issued to the coin's founders, cryptocurrency wallet owners who lost money on Trump's memecoin, Biden's Substack subscribers, and people on a mailing list curated by Biden's friend Andrew Callaghan.
Biden had expressed skepticism about memecoins in the past, saying that he didn't want to support something that had been 'misused by grifters.' However, he seemed confident that his token would turn out differently, saying it was 'not just about owning something, it's about saying something.'