For stories, adverts, & ENQUIRIES, wHATSAPP US @ +2347036240302
Ex-US President Biden's Son Hunter's $LAPTOP Memecoin Crashes From $222 To $1.79 Minutes After Launch
Ex-US President Biden's Son Hunter's $LAPTOP Memecoin Crashes From $222 To $1.79 Minutes After Launch
NEWS
The Nigerian Record
9/10/20262 min read
Hunter Biden's $LAPTOP memecoin crashed shortly after launching on Wednesday, losing most of its value after briefly surging to $222 within minutes of its release.
Forbes reported that the cryptocurrency reached $222 at about 8:05 a.m. EDT before falling sharply, with its value dropping to $1.79 by 12:20 p.m. The plunge came about 30 minutes after the token was launched.
The token was launched by Hunter Biden, son of former US President Joe Biden, after he promoted it as a project linked to his public image and the controversy surrounding his infamous laptop story.
Biden had warned prospective buyers before the launch not to expect him or anyone else to increase the value of the token. He described $LAPTOP as more than an asset, saying it was intended to represent resilience and recovery.
About 30 percent of the token supply is held by Biden and other founders, while part of that allocation could be permanently destroyed if certain conditions are met, Forbes reported.
Biden also said the tokens would be burned if specified events occurred and sent to charity if those conditions were not met. One of the conditions reportedly includes a Democrat winning the 2028 US presidential election.
The launch followed Biden's increasing public support for cryptocurrency and his criticism of digital currencies associated with President Donald Trump and other political figures.
Biden's $LAPTOP is also part of a wider trend of politicians and celebrities launching memecoins that initially attract strong interest before suffering major price declines.
Former New York City Mayor Eric Adams' $NYC token, launched in January, rose sharply before falling about 75 percent. An account connected to the project also withdrew cryptocurrency worth about $2.5 million, prompting accusations of a rug pull, although Adams denied wrongdoing and about $1.5 million was later returned.
Former First Lady Melania Trump and President Donald Trump have also launched memecoins. Forbes reported that Trump's TRUMPtokenhadlostabout75percentofitsvaluefortheyear,whileMelaniaTrump′sMELANIA token had fallen substantially from its launch price.
The $LAPTOP token takes its name from the political controversy surrounding Hunter Biden's alleged laptop, which became a major subject of political debate during his father's presidency. Biden has presented the new cryptocurrency as a response to the Trump family's involvement in the memecoin market.
The sharp fall in $LAPTOP's value leaves the project facing the same volatility that has affected several celebrity- and politician-backed cryptocurrencies, with its future value now dependent on market activity and investor interest.