Nansen found a $117,800 unrealized loss in one wallet as the team announced liquidity incentives and Bubblemaps flagged fresh top holders.
Hunter Biden has denied profiting from his LAPTOP memecoin after its launch-day price crash, adding that neither he nor his team had sold tokens.
Several X users accused the LAPTOP project of a “rug pull” after the memecoin lost more than 95% of its value in the first hour of trading on Wednesday. At the time of writing, the new token traded at $0.8562, according to CoinGecko data.
“The team’s allocation is locked. Nobody on our side sold, and nobody could have,” Biden said in an X post Wednesday. “I, personally, have not made a single dollar.”
Biden blamed the price action on insufficient liquidity and “snipers,” which are trading bots that quickly swoop up tokens when trading opens.
The Base memecoin takes its name from a MacBook Hunter Biden reportedly left at a repair shop in 2019. Trump allies used the New York Post’s reporting on files purportedly from the device against him and his father, former US President Joe Biden, during the 2020 election.
Before launching his own memecoin, Biden slammed the Trump family’s crypto ventures. In an Aug. 21 post, Biden said World Liberty Financial used political influence and leverage to benefit its founders.
Biden did not respond to Cointelegraph’s request for comment.
Related: Joe Biden’s son to launch memecoin, will send to TRUMP holders: WSJ
The LAPTOP team defended the launch in a community update by claiming it held no token presale and made no allocations to investors or influencers. It said the contract address, token allocations, a Hacken security audit and a white paper were published before trading began.
“There was no stealth deployment, no hidden supply, and no surprise to benefit insiders,” the team said in a Medium post.
It claimed the initial pool launched at $0.05 per token, but the market maker’s liquidity was insufficient to meet demand.
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