Hunter Biden maintains LAPTOP retains value after plunge

Hunter Biden has defended his $LAPTOP memecoin after its dramatic plunge from an all-time high of $401.12 on launch day to about eight US cents as of September 28. Despite the steep decline, Biden insists the cryptocurrency still retains substantial value and maintains that neither he nor project insiders profited from the turmoil.

Speaking on actor Rainn Wilson’s Soul Boom podcast, Biden rejected suggestions that the token simply "crashed and burned," pointing to a fully diluted valuation of roughly $252 million. He reiterated that the project could still achieve its objectives despite the significant losses suffered by buyers following the September 9 trading debut.

However, market data confirms the extent of the damage, with CoinMarketCap reporting $LAPTOP trading at around eight US cents and a market capitalisation near $28 million, representing a near 100% drop from its launch peak. Biden attributes the token's explosive opening to issues like inadequate liquidity and automated traders, commonly referred to as "snipers," who entered the market before regular buyers.

He acknowledged the launch's failure and placed the blame on his shoulders, echoing his initial statement about inadequate liquidity and technical problems from automated trading. Biden also stated that the allocation of tokens was locked, and no one associated with the project had sold those tokens, including himself. He promised to disclose wallet information to scrutinize trading activity, suggesting that transparency would demonstrate those controlling the project did not profit from the collapse.

He further expressed hope to identify genuine buyers who lost money and explore ways to compensate them. Despite these assurances, questions remain about the token's structure and trading during its chaotic opening. Independent blockchain analysis found widespread losses among traders and an unusual concentration of holdings. The project's tokenomics support Biden's claim, with 30% of the supply allocated to founders under lock-up and vesting arrangements, while another 20% was earmarked for airdrops, and 10% for liquidity.

The remaining 45% was distributed to a foundation treasury, charity, and prediction-based burns. $LAPTOP operates on Base, an Ethereum layer-two network, and is described as a non-yield-bearing memecoin with no conventional utility, reflecting the initial controversy surrounding Biden's name.