Hunter Biden launched his memecoin as a symbol of “resilience, redemption and recovery.” The token’s price action, however, has shown little evidence of any of those traits.
This LAPTOP is Broken
Laptop (LAPTOP) dropped more than 12% in the past 24 hours, bringing its total decline since launch to 99.43%.
The coin launched on Base, a Layer 2 blockchain developed by Coinbase Global Inc. (NASDAQ: COIN). Within minutes, it surged to a record high of $401.12, pushing its market cap to $50 billion.
But the pump was followed by an equally dramatic dump.
An hour later, LAPTOP crashed by 98%, with 80% of traders losing their money. On-chain data attributed the price collapse to insider distribution rather than ordinary selling.
With no end in sight to the decline, LAPTOP’s market capitalization has collapsed to $75 million.
Will LAPTOP Rebound?
Biden recently tagged Elon Musk and jokingly asked him for help with his struggling memecoin before the AI doom prophecy became true.
Notably, Biden refuted claims of a “rug pull” or any involvement in the price manipulation and blamed legacy news and “social media trolls” for distorting the narrative.
Meanwhile, Biden announced that 0.5% of LAPTOP’s memecoin supply, roughly $1.1 million. has been burned after the Philadelphia Eagles won their NFL regular-season opening game.
As part of the token’s prediction mechanism, 30% of the total supply is allocated to a pre-programmed burn mechanism triggered by specific world events.
Price Action: At the time of writing, LAPTOP was exchanging hands at $0.2162, down 12.62% in the last 24 hours, according to data from CoinMarketCap.
Photo Courtesy: Andrew Leyden on Shutterstock.com
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