Biden's Falcon notebook incident triggered a memo craze, and market traders responded one after ano

Hunter Biden's new "LAPTOP" meme coin plunged at the opening, falling 86.5% in 30 minutes.

On Wednesday, Hunter Biden's new "LAPTOP" meme coin officially opened trading, but its price fluctuated violently in the first 30 minutes after the opening, falling as much as 86.5%. According to CoinGecko data, the token was issued on the Ethereum Layer-2 Network Base with an opening price of US$199.50, and the trading price dropped to US$26.88 by 12:30 pm Coordinated Universal Time (UTC). In the initial trading stage, its trading volume has exceeded US$2.5 million.

Faced with the controversy, Biden issued a statement on social media X, saying that the symbol previously used to attack him has now transformed into a symbol of "resilience, redemption and rejuvenation." At the same time, he called on the public to remain skeptical of memein and described the token issued by President Donald Trump as a "scam" and warned buyers not to expect him or anyone else to increase the value of LAPTOP.

Core Points

• The early price of LAPTOP was extremely volatile, plunging 86.5% from US$199.50 within 30 minutes of opening.
• The token is deployed on the Base network, and according to CoinGecko data, transaction volume exceeded US$2.5 million during the initial window period.
• The project disclosure document states that LAPTOP is only a digital collectibles and does not have practical functions, voting rights, revenue distribution or profit sharing mechanisms.
• Token economics dictates that 2% of the total supply will be airdropped to wallets that lose money on Trump-related token transactions, with the rest tied to the discretion of subscribers and future foundations.
• Base founder Jesse Pollak said the Base team made a "conscious decision" not to participate in the design or promotion of the token.

Release confusion and direct response to critics

The launch of LAPTOP memoin stems from a tweet posted by Biden on Platform X on Monday. The tweet showed the token code and included a collection of relevant media reports on the "laptop narrative." The move immediately drew fierce criticism from well-known online commentators, including digital investigator Stephen Findeisen (known as Coffeezilla). Findison called LAPTOP a "junk coin" and advised people not to buy it.

Despite the sharp sell-off, the token quickly became the focus of political cryptocurrency culture. Biden positioned the release as retaking a story related to the MacBook that was reportedly left behind in a Delaware repair shop in 2019. Subsequently, emails and documents released before the 2020 U.S. election sparked numerous allegations. Trump allies have used the materials to attack Hunter Biden and his father, then-presidential candidate Joe Biden.

On Wednesday, Biden's follow-up message responded positively to the strong backlash from the outside world. He acknowledged widespread public skepticism about memecoin, characterized Trump's encryption efforts as a "scam" and made clear that buyers should not assume that he or anyone else could push up the value of LAPTOP.

Lack of utility and future governance revealed in disclosure documents

The LAPTOP project document hosted in the disclosure PDF file defines it as a digital collection that does not promise any functionality. Based on the disclosure, the holder does not enjoy utility functions, voting rights, revenue or profit sharing. The total number of coins is fixed at 1 billion, with 350 million in circulation at the time of issuance.

These terms are critical to traders because they clarify that the economic logic of the token does not rely on revenue generation, pledge incentives or governance mechanisms. In practice, memecoins often operate on attention and liquidity rather than the utility of the underlying product-a point clearly confirmed in the disclosure document.

Token allocation,"TRUMP loss" airdrops and future governance based on discretion

The disclosure document stipulates that 30% of the total supply (300 million tokens) will be allocated to the founders, including Biden himself. These tokens will be locked for six months and then vested monthly over the next 24 months. An additional 30% of the supply is reserved for "political, cultural and crypto forecasting", and if a specific outcome occurs, the relevant tokens will be destroyed; if not, donated to charity.

For supporters and skeptics, a key step of the project is the airdrop program. Disclosure documents outline the initial airdrop plan, which accounts for 10% of total supply. Of this initial allocation, 2% is reserved for wallets that have lost money in TRUMP token-related activities, while 8% is earmarked to active subscribers to Biden's "Where's Hunter" Bulk newsletter.

In addition, the disclosure document describes a separate 10% future airdrop that will be allocated at the foundation's discretion. Taken together, disclosure documents indicate that 20% of the total supply is earmarked for airdrops, but the portion specifically related to the "TRUMP Loss" wallet is capped at 2%.

This structure creates important asymmetry: while the narrative emphasizes compensating those who lose money in Trump-related tokens, clear limits limit the scale of this outcome. At the same time, a significant proportion of tokens are still subject to future discretion, which investors may need to pay close attention to-especially when subsequent criteria for a project become controversial.

Questions about Base's stance and platform engagement

Although the project is deployed on the Base network, the network's relationship with the token launch appears to be deliberately kept at a limited distance. Base founder Jesse Pollack said on X that the project party contacted his team, but Base made a "conscious decision" not to assist in the design or promotion of the token.

This distinction may affect readers 'interpretation of the release: While Base provides the infrastructure for tokens, Pollack's remarks imply that the platform does not provide endorsement or development support. For participants, this is a reminder: Tokens can be deployed on the chain without the platform being held accountable for market results or promotion strategies surrounding the asset.

As LAPTOP continues to trade, the variables that readers need to focus on next are clear: the evolution of liquidity after the initial sell-off, whether subsequent airdrop standards and distributions are strictly in accordance with disclosure documents, and how the market responds to the project's lock-in and gradual release of supply schedule.