Hunter Biden Denies Profiting from LAPTOP Memecoin After 95% Price Collapse

Hunter Biden Memecoin Crashes 95% Despite Team Denial of Wrongdoing

Hunter Biden has moved to deny profiting from the LAPTOP memecoin following its dramatic launch-day price collapse. The token, which derives its name from a MacBook the Biden family associate left at a repair shop in 2019, fell more than 95% in value during its first hour of trading on Wednesday. Traders quickly leveled accusations of a “rug pull” against the project, though Biden disputed these claims on X (formerly Twitter).

In a Wednesday post, Biden stated that neither he nor his team had sold any tokens, and that he personally had made no profits from the venture. He attributed the severe price decline to insufficient liquidity in the initial trading pool and the activity of trading bots known as “snipers,” which execute rapid purchases when new tokens become available.

Blockchain Data and Token Mechanics

According to Nansen, blockchain analytics platform cited by Cointelegraph, one wallet associated with LAPTOP holders showed an unrealized loss of $117,800. Additional wallet analysis by Nansen revealed another position with a $12,300 paper loss, though two other tracked addresses recorded gains of $13,100 and $1,800. The 24-hour trading period tracked by Nansen included 46,675 buy transactions and 16,038 sell transactions across 20,085 unique buyers and 8,714 unique sellers.

Bubblemaps, another blockchain analytics firm, flagged that 60% of LAPTOP’s top-holder wallets had no transaction history prior to the token launch, with most being funded on the day of release itself. This observation raised concerns among traders about the distribution of tokens.

The LAPTOP team provided its own response through a community Medium post, outlining the technical details of the launch. The team stated it released no presale and made no special allocations to investors or influencers. The initial trading pool opened at $0.05 per token, but market demand quickly outpaced available liquidity. To address these concerns, the team announced plans to deploy 4 million tokens—equivalent to 0.4% of total supply—as liquidity incentives beginning at midnight UTC Thursday. Additionally, the project announced a schedule to burn 10 million tokens, representing 1% of total supply, within the first week through its predictions program.

Political Context and Token Distribution

The LAPTOP memecoin carries significant political undertones. Biden had previously criticized Trump family crypto ventures, specifically commenting on World Liberty Financial in an August 21 post. The memecoin’s name references the laptop narrative that became prominent during the 2020 presidential election, when Trump allies utilized New York Post reporting about files allegedly from the device against the Biden family.

The token’s allocation structure shows founders holding 300 million tokens—30% of the 1 billion total supply—with a six-month lock period followed by 24 months of monthly vesting. A separate 30% allocation is tied to predictions involving political, cultural, and cryptocurrency events, with token burns occurring when specified outcomes occur. The remaining allocations include 2% for wallets that suffered losses on the earlier TRUMP memecoin, 8% for subscribers to Biden’s “Where’s Hunter” Substack newsletter, and 10% reserved for future airdrops.

At the time of reporting, LAPTOP traded at $0.8562 according to CoinGecko data. The incident demonstrates the significant risks investors face in newly launched memecoin projects, particularly those associated with high-profile figures.

Source: Nansen, via Cointelegraph. Not financial advice.