Hunter Biden’s memecoin falls 95% within hours of launch — MarketWatch
The $LAPTOP memecoin launched by Hunter Biden fell by about 95% from its peak price within hours of trading beginning. After its launch, its value rose from approximately $37 to more than $222 per token, but later dropped to around $1.80, MarketWatch reports.
Trading and token distribution
According to the Pump.fun platform, $LAPTOP trading volume since launch amounted to about $39 million. At the same time, MarketWatch notes that it is unclear what portion of this volume reflected genuine supply and demand and how many investors suffered losses.
According to Basescan data, the five largest wallets out of nearly 29,000 wallets held 84% of the tokens in circulation. Most of the 1 billion $LAPTOP tokens remained locked. CoinMarketCap estimated the market value of tokens available for trading at just under $500 million.
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Biden’s statements and Callaghan’s response
Hunter Biden confirmed plans to issue the token in a post on social network X after The Wall Street Journal published an article about the project. He said that the symbol used against him should become a symbol of resilience, redemption, and recovery. Biden also accused the Trump family of a “breach of trust” during the launch of their memecoin.
According to Biden, some $LAPTOP was airdropped to the wallets of people who lost money on the $TRUMP token. He also said that tokens would be sent to his followers and people from video journalist Andrew Callaghan’s contact database. Callaghan said on X that he was not involved in the crypto project and had provided Biden with the contact list only to expand the audience. Callaghan’s representative, Mitchell Jackson, said that the journalist did not know about the initiative’s connection to cryptocurrency.
$LAPTOP was launched on Base, a network built on Ethereum. A Coinbase representative emphasized that Base is an open network where tokens can be deployed without permission, and that the mere fact of launching on it does not mean the project has been reviewed or approved by the company.
