Hunter Biden-Linked Meme Coin LAPTOP Plunges 86.5% Within 30 Minutes of Launch
Summary
- The meme coin LAPTOP posted a sharp decline, falling 86.5% within about 30 minutes of the start of trading.
- The project said LAPTOP has a total supply of 1 billion tokens and a circulating supply of 350 million tokens at launch.
- Founders were allocated 300 million tokens, or 30% of total supply, with the allotment locked for six months and then unlocked in installments over 24 months.
Forecast Trend Report by Period
LAPTOP, a meme coin launched by Hunter Biden, son of former U.S. President Joe Biden, plunged shortly after trading began.
Cointelegraph and other outlets reported on Sept. 9 that LAPTOP slumped 86.5% within about 30 minutes of its trading debut. Trading volume exceeded $2.5 million during that span. The token was issued on Base, Ethereum's layer-2 network.
LAPTOP is a meme coin built around the so-called Hunter Biden laptop controversy. During the 2020 U.S. presidential election, the New York Post reported on documents and emails it said were recovered from a MacBook that Hunter Biden had left at a repair shop. Donald Trump's camp later used the material to attack Joe Biden, who was then a presidential candidate.
According to the project's disclosure, LAPTOP has a total supply of 1 billion tokens. Its circulating supply at launch was 350 million.
Founders, including Hunter Biden, were allocated 300 million tokens, or 30% of total supply. Those tokens will be locked up for six months and then unlocked in monthly installments over 24 months.
The project also described LAPTOP as a digital collectible with no utility, governance rights or profit-sharing rights.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul