The project’s disclosures say LAPTOP has no utility, lock founder tokens for six months and reserve 2% for wallets that lost money on TRUMP.
Hunter Biden’s LAPTOP memecoin fell 86.5% in its first 30 minutes of trading on Wednesday, as the son of former US President Joe Biden officially entered the market for politically themed cryptocurrencies.
The token, issued on Ethereum layer-2 network Base, traded at $26.88 at 12:30 pm UTC, after opening at $199.50, according to CoinGecko data. It recorded more than $2.5 million in trading volume.
“The symbol they used to try to end me is now a symbol of resilience, redemption and recovery,” Biden said in an X post on Wednesday, responding to public backlash.
Biden also said he understood the cynicism around memecoins, called President Donald Trump’s token a “grift” and warned buyers not to expect him or anyone else to make LAPTOP more valuable.
The memecoin is promoted as an attempt to reclaim the “laptop narrative,” which centers on a MacBook that Biden reportedly left at a Delaware repair shop in 2019. The New York Post published emails and other files purported to have come from the device before the 2020 presidential election. Trump allies used the material against Hunter Biden and his father, then-presidential candidate Joe Biden.
Related: Joe Biden’s son to launch memecoin, will send to TRUMP holders: WSJ
On Monday, Biden teased LAPTOP on X with a post showing the token’s ticker, accompanied by a montage of media coverage of the laptop.
The announcement drew criticism from the likes of digital investigator Stephen Findeisen, known as Coffeezilla, who called LAPTOP a “shitcoin” and urged his followers not to buy it. X account “scupytrooples” told Biden there was “still time to walk this back.”
Base founder Jesse Pollak said in an X post that the project had contacted his team, but Base made a “conscious decision” not to help with the token’s design or promotion.
Biden did not respond to Cointelegraph’s query before publication.
Biden’s earlier criticism of the Trump family’s crypto ventures also gave traders a ready-made hypocrisy argument.
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