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Following
TRUMP Hunter Biden's "notebook" meme coin plunged 99% at the opening session
Hunter Biden's "notebook" meme coin ($LAPTOP) began trading on the Base network, but plunged 99.2% from an intraday high of $199.51 shortly after launching.
This "laptop" first came into public view in October 2020, when the New York Post reported emails related to the device. At first, some officials dismissed the materials as "possible false information," but then several news organizations verified and certified them.
Completely unexpected
"They turned the laptop into a weapon, and I turned it into a token." Biden wrote in a post on Platform X (formerly Twitter).
Cryptocurrency investigator Stephen Findeisen, better known as Coffeezilla, urged viewers to stay away from the token before the transaction began, making it clear: "Don't buy it."
As expected, the token attracted a large number of imitators before it was officially launched. About an hour after the Wall Street Journal's report on the project was released, more than a dozen counterfeit $LAPTOP tokens appeared on Solana, BNB Chain and TON networks, with a total transaction volume of approximately $6.9 million. None of these counterfeit goods has an official contract address because the official information has never been released.
According to data from Solidius Labs, counterfeiting of tokens is one of the known risks for the Base Network. In the first few weeks after the network launched in 2023, more than 500 fraudulent tokens poured in.
Anyway, on the first trading day, CoinGecko data showed that $LAPTOP had a market value of nearly $560 million, a fully diluted valuation of nearly $1.6 billion, and a 24-hour trading volume of approximately $5.2 million.
Airdrop is aimed at TRUMP coin losers
Biden recently announced the issuance of the token and reserved one-fifth of the supply for airdrops to wallets that have lost money in TRUMP tokens issued by Donald Trump.
About 35% of $LAPTOP's supply was unlocked when it was launched, and the rest will be gradually released over 36 months through cliff release and linear attribution mechanisms. The token is traded on a decentralized exchange pool and has no fixed issue price. CoinGecko recorded its high of $199.51 before the price slipped to about $1.61.
Lookonchain flags a wallet that withdraws US$250,000 from Binance before going online and spends US$200,000 to buy US $LAPTOP near the high price. According to DeBank data, when the analyst company released the news, the value of the position was only about $3000. CryptoPotato previously reported that a TRUMP trader lost $207,000 in the hour of buying in March.
Of the total supply of 1 billion tokens, 20% is earmarked to holders who have lost money in TRUMP tokens, his Substack subscribers, and mailing list users operated by video journalist Andrew Callaghan;30% is allocated to the founding team with a lock-in period of six months and a vesting period of approximately two years.
Public Citizen estimates that Trump-related cryptocurrency projects have cost investors at least $4.7 billion, of which TRUMP memin alone accounted for $3.2 billion.
