Hunter Biden's new LAPTOP token lost 98% of its value in under an hour after $1.6 billion debut
LAPTOP swung from $190 to under $4 within minutes of opening on Base. Onchain records show tokens had been distributed to market makers for a week before trading began.
The controversial Hunter Biden laptop narrative has taken on a new life in the form of a memecoin. The token, named LAPTOP, was launched by the former US Vice President's son on the Ethereum layer-2 network Base. Trading commenced at a staggering $199.50, but it quickly plummeted to $2.0977 within the first hour of trading, marking a 95.7% decline.
The initial trading volume surpassed $13.4 million, with the majority of top holders being wallets that emerged in the past ten days. The project's disclosures reveal that LAPTOP has no functional value, and token ownership rights, voting rights, yield, or profit-sharing rights are also non-existent. It functions as a digital collectible with a fixed supply of 1 billion tokens, 350 million of which were in circulation at launch.
The founders, including Hunter Biden, were allocated 300 million tokens, which were locked for six months and subsequently vested over the next 24 months. An additional 30% of tokens are tied to political, cultural, and crypto predictions, with tokens burned upon specified outcomes and released to charity if they do not. An initial airdrop represented 10% of the total supply, with 2% reserved for wallets that experienced losses on TRUMP tokens and 8% for subscribers to Biden's "Where's Hunter" Substack newsletter.
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- Hunter Biden’s laptop controversy gets a memecoin afterlife cointelegraph.com
