- Details about the memecoin were first reported by the Journal on Monday.
- Biden wrote in a post on Tuesday that $LAPTOP isn't just about owning something, it's about saying something.
- Biden confirmed on Tuesday that tokens would be burned if certain events happen, otherwise sent to charity.
- Biden framed his memecoin as a response to Trump's, insisting 20% of coins would be airdropped to the community.
- The price for $LAPTOP surged on Wednesday morning, reaching as high as $222 at 8:05 a.m. EDT.
- The token almost immediately crashed, worth only $1.79 by 12:20 p.m.
- An account linked to the team running the memecoin withdrew coins equal to about $2.5 million, leading to accusations of a rug pull.
- Adams denied any wrongdoing, and the account returned about $1.5 million of the money the next day.
Hunter Biden's $LAPTOP memecoin launched with a bang, reaching $222 within minutes, but quickly fell to $1.79 as a linked account withdrew $2.5 million, prompting accusations of a rug pull.12567
The memecoin's launch was marked by controversy, with Biden stating, "You should not expect me or anyone else to make this token more valuable for you". He emphasized that the token was about community support rather than mere ownership.
Approximately 30% of the tokens are owned by Biden and the founders, with plans to burn tokens if certain conditions are met. Biden noted, "If it happens, the corresponding tokens are permanently burned. If it does not, those tokens are sent to charity."
The memecoin was framed as a response to former President Trump's ventures, with Biden asserting that 20% of coins would be airdropped to the community, including those who lost money on Trump's previous memecoins.4
Despite the initial surge, the rapid decline in value has raised eyebrows and concerns about the integrity of the project, with Biden's team denying any wrongdoing.
As the cryptocurrency market remains volatile, the fate of $LAPTOP hangs in the balance, reflecting broader trends in the memecoin space.
“About 30% of the tokens are owned by Biden and the memecoin's founders, the Journal reported, which would be destroyed to drive up its value if certain events happen. Biden framed his memecoin as a response to Trump's, insisting 20% of coins would be airdropped to the community, including people who lost money on the $TRUMP grift.”
Forbes
