$LAPTOP Token Crashes After Hunter Biden Launches Meme Coin
Hunter Biden's new cryptocurrency token, $LAPTOP, launched on Wednesday but promptly plummeted in value by over 95% within hours. The son of former President Joe Biden had criticized his father's predecessor, Donald Trump, for launching a similar 'meme coin' that raised over $636 million last year.
The younger Biden introduced his token as a way to make charitable donations, but critics argue it is nothing more than a 'pump-and-dump' scheme. The token's price skyrocketed from $37.26 to $222.75 within minutes of its launch before crashing to just $1.34 by midafternoon.
Biden blamed predatory traders and technical problems for driving up the token's price, but critics accused him of hypocrisy. Trump's own meme coin, called $TRUMP, had sold for as high as $74 last year before plummeting in value.