LAPTOP Memecoin Crashes 95% Within First Hour of Trading

Hunter Biden’s LAPTOP memecoin plunged 97.7% within its first hour of trading Wednesday after launching on the Ethereum layer 2 network Base. The token opened at $199.50 before collapsing to $2.10, recording more than $13.4 million in trading volume. Onchain data revealed that most top holders were wallets funded only within the past 10 days, raising questions about the token’s early distribution.

Biden Frames Launch as Reclaiming a Painful Narrative

Responding to backlash, Biden said the symbol once used against him had become one of resilience and recovery, while calling President Trump’s own token a “grift” and cautioning buyers not to expect him to actively support the token’s value. The project references a laptop Biden reportedly left at a Delaware repair shop in 2019, material later used against him and his father during the 2020 election.

Disclosures Reveal Token Structure and Distribution

According to official filings, LAPTOP carries no utility, ownership rights or profit-sharing, with a fixed supply of 1 billion tokens. Founders, including Biden, hold 30% under a lockup and vesting schedule, while another 30% is tied to political and cultural prediction outcomes.

Of the tokens set aside for airdrops, 2% is reserved for wallets that previously lost money on Trump’s token. The launch drew criticism from crypto commentators given Biden’s earlier public criticism of the Trump family’s crypto ventures for using political influence and centralized control.