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TRUMP Hunter Biden's "LAPTOP" meme plunged 95.7% in the first hour of launch, and the political-themed cryptocurrency market is making waves again
(Updated: September 9, 3:45 pm EST: The pricing information has been updated in the first paragraph)
On Wednesday, as Hunter Biden, son of former US President Joe Biden, officially entered the politically themed cryptocurrency field, its "LAPTOP" memin plunged 95.7% in the first hour of trading. According to CoinGecko data, the token was issued based on the Ethereum Layer-2 Network Base, with an opening price of US$199.50. As of 3:45 pm EST, the transaction price dropped to US$2.0977, and the trading volume on the first day exceeded US$13.4 million.
Data from online data visualization platform Bubblemaps shows that most of the top position positions were recharged within the past 10 days. Faced with a strong public backlash, Hunter Biden responded by posting on Platform X (formerly Twitter):"The symbol they tried to use to end me has now become a symbol of resilience, redemption and recovery."
Biden said he understood the public's cynicism towards memin and once called related tokens issued by President Donald Trump a "scam." He warned buyers not to expect him or anyone else to add value to the "LAPTOP" token.
The memo coin is being promoted as a recclaim of the "laptop narrative" that revolves around the MacBook that Hunter Biden allegedly left behind in a Delaware repair shop in 2019. Before the 2020 U.S. presidential election, The New York Post published emails and other documents purportedly from the device. Trump allies used the material to attack Hunter Biden and his father, then-presidential candidate Joe Biden.
Previously, the Wall Street Journal reported that Joe Biden's son would launch memein and send airdrops to people holding TRUMP tokens.
On Monday, Hunter Biden preached the release of the "LAPTOP" token by displaying the token code and a montage of media coverage of the laptop on Platform X. The move sparked criticism, with multiple people, including digital investigator Stephen Findison (online name Coffeezilla), condemning "LAPTOP" as "junk money" and urging fans not to buy it. The X account "scupyroots" also told Biden that "there is still time to withdraw the order."
Base founder Jesse Pollack said in an X post that the project team had contacted Base, but Base made a "conscious decision" not to assist in the design or promotion of the token. Before this article was published, Hunter Biden did not respond to Cointelegraph's inquiries.
LAPTOP disclosure documents show that 2% of token supply is allocated to TRUMP token losers
Hunter Biden's previous criticism of the Trump family's crypto business also provides traders with ready-made hypocritical arguments. In a post posted on August 21, Biden accused World Liberty Financial of using political influence, centralized control and leverage to benefit its founders, while saying the cryptocurrency industry deserved better treatment. However, he has now launched a memin built around his political identity and allocated part of the supply to the founding team.
The California Senate has passed a bill to ban public officials from issuing memin coins.
The project disclosure document describes "LAPTOP" as a digital collection with no practical functions, no ownership, no voting rights, and no revenue or profit sharing rights. The total number of coins is fixed at 1 billion, and the circulation volume is 350 million when it is launched. The founding team, including Biden, received 300 million tokens, accounting for 30% of the total supply. These tokens will be locked for six months and then vested monthly over the next 24 months. Another 30% of the supply is tied to forecasts in the political, cultural and crypto fields, and when a specific outcome occurs, the corresponding token will be destroyed; if the outcome does not occur, it will be donated to charity.
The disclosure also outlines details of airdrops, with initial rounds accounting for 10% of total supply. Of this, 2% is reserved for addresses that have lost money on TRUMP tokens, and 8% is allocated to eligible subscribers, who are subscribers to Hunter Biden's Where's Hunter Substack newsletter. Another 10% of future airdrops will be allocated at the discretion of the foundation. This means that the overall airdrop proportion is 20%, while the allocation cap specifically for TRUMP losers is 2%.
