Hunter Biden’s LAPTOP meme coin ($LAPTOP) began trading on the core network and almost immediately fell 99.2% from an intraday high of $199.51 within hours of its launch.
The laptop became public in October 2020, when the New York Post reported on emails from a device linked to Biden. This information was initially dismissed by some officials as “possible misinformation” and later authenticated by several news outlets.
Totally unexpected
“They turned a laptop into a weapon. I turned it into a token,” Biden posted on X.
Crypto investigator Stephen Findeisen, better known as Coffeezilla, had urged his audience to stay away from the token before trading began, telling them: “Don’t buy it.”
Unsurprisingly, the token had also attracted imitators before going live, with more than a dozen counterfeit laptop coins surfacing on Solana, BNB Chain and TON about an hour after a Wall Street Journal report on the project, trading in total for around $6.9 million, none bearing an official contract address as none had been published.
Counterfeits are a known danger on Base, which attracted more than 500 fraudulent tokens in its first weeks after launching in 2023, according to Solidus Labs.
Regardless, on day one, CoinGecko estimated LAPTOP’s market cap at nearly $560 million and its fully diluted valuation at nearly $1.6 billion, on approximately $5.2 million in 24-hour volume.
Airdrop for TRUMP losers
Biden had announced the coin a few days earlier and reserved a fifth of the supply for airdrop wallets that lost money on Donald Trump’s TRUMP coin.
LAPTOP opened with about 35% of its supply unlocked, with the remainder to be released through cliffs and vesting over 36 months, and it traded in decentralized exchange pools with no fixed offering price. CoinGecko recorded the high of $199.51 before dropping to near $1.61.
Lookonchain reported a wallet that withdrew $250,000 from Binance before launch and spent $200,000 in LAPTOP near the top, a stake worth around $3,000 at the time the analytics firm published, citing data from DeBank. CryptoPotato earlier reported that a TRUMP trader lost $207,000 less than an hour after buying in March.
Of the billion-token supply, 20% was reserved for TRUMP holders who lost money, subscribers to its substack, and a mailing list run by video journalist Andrew Callaghan, while 30% went to the founding team as part of a six-month lock-up and roughly two-year vesting.
Public Citizen estimated that Trump-related crypto projects left investors at least $4.7 billion underwater, with the TRUMP meme coin alone accounting for $3.2 billion of that total.
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