Hunter Biden's newly launched meme coin, $LAPTOP, experienced a severe price collapse on its launch day, resulting in significant losses for the majority of its investors. The token briefly surged before plummeting, wiping out over 99% of its peak value within hours.
According to blockchain analysis by Datavault AI, approximately four out of five investors saw their holdings become nearly worthless after the token's value dropped from a high potentially exceeding $300 to just a few dollars. Datavault AI CEO Nathaniel Bradley described the event as a "classic 'rug pull,'" a term used in cryptocurrency to describe a scenario where developers or insiders rapidly withdraw value from a project, leaving other holders with devalued assets. There has been no finding that Biden or the project engaged in fraud or a rug-pull scheme, and Datavault's analysis has not established that Biden himself sold tokens during the price collapse.
Amidst the widespread losses, one unidentified trader managed to profit significantly. This individual, using a pseudonym, reportedly invested around $250,000 to acquire $LAPTOP tokens and then sold a portion for approximately $1.18 million within minutes, yielding a profit of roughly $930,000 before transaction fees. In contrast, another investor who put about $200,000 into the token near its peak saw their investment diminish to approximately $2,000.
The $LAPTOP token, launched earlier this week on Base, a blockchain developed by Coinbase, draws its name from the controversial laptop associated with Hunter Biden. Biden had stated on X ahead of the launch, "They turned laptop into a weapon. I turned it into a token."
The project's founders, including Biden, were slated to receive 30% of the total 1 billion token supply. However, these founder tokens were reportedly locked for six months and scheduled to become fully available over two years, meaning their theoretical value during the token's brief surge did not represent immediate personal profit for Biden. Blockchain records are expected to provide a clearer picture of the financial flows to wallets associated with the project's principals. The exact amount of money Biden may have personally gained from $LAPTOP remains unclear. The Post has sought comment from Hunter Biden.