Hunter Biden: No Internal Sell-Off Amid LAPTOP Meme Coin Crash

[Mexico City = Shim Young-jae, Correspondent] Hunter Biden, son of former U.S. President Joe Biden, has directly addressed the drastic drop in the price of his meme coin LAPTOP, which plummeted over 95% shortly after its launch. While some users suspected a 'rug pull,' Biden claimed that neither he nor the project team sold any tokens and that he personally did not earn a single cent.

According to Cointelegraph, Hunter Biden identified insufficient liquidity and a 'sniper' bot that quickly bought up tokens right after trading began as the reasons for the sharp decline in LAPTOP's price on the 10th (local time). The project team stated that there was no allocation of tokens for pre-sales or to investors and influencers. They also announced plans for incentives to bolster liquidity and a token burn.

Over 95% Drop Within One Hour of Launch... "No One on Our Side Could Sell"

According to Cointelegraph, LAPTOP's price dropped over 95% within the first hour after trading began on the 9th. On X (formerly Twitter), claims emerged that the project had executed a so-called 'rug pull' after attracting investment funds. At the time of writing, the price of LAPTOP was $0.8562 according to CoinGecko.

Biden stated on X, "The amount allocated to the team is locked. No one on our side sold or could sell," adding, "I personally did not earn even $1."

He attributed the price volatility to a lack of liquidity and the presence of the 'sniper' bot, which refers to trading bots that quickly purchase tokens as soon as trading begins.

LAPTOP was issued on the Base network. The name is reportedly derived from a MacBook that Hunter Biden left at a repair shop in 2019.

According to Cointelegraph, after the New York Post reported on files allegedly from that device, associates of President Trump used it as material to attack Hunter Biden and former President Joe Biden during the 2020 election.

Before launching his meme coin, Hunter Biden criticized the Trump family's digital asset (cryptocurrency) business. Cointelegraph reported that on the 21st of last month, he claimed that World Liberty Financial used its political influence and status to benefit founders.

Cointelegraph requested a separate comment from Biden regarding the LAPTOP incident but did not receive a response.

LAPTOP Claims No Pre-Sales... Announces Liquidity Incentives and Token Burn

The LAPTOP project team also clarified the launch process through a community announcement.

According to Cointelegraph, the project team claimed that there were no pre-sales of tokens and that no separate allocations were made to investors or influencers. They explained that they disclosed the contract address and token distribution structure, the security audit results from Hacken, and the white paper before trading began.

The LAPTOP team stated via Medium, "There was no covert distribution, no hidden supply, and no surprise measures to benefit insiders."

According to the project, LAPTOP was launched at $0.05 per token in the initial liquidity pool. However, they explained that the liquidity provided by market makers was insufficient to meet demand.

The LAPTOP team announced that they would inject 4 million tokens into the Aerodrome pool as liquidity incentives, which corresponds to 0.4% of the total supply.

They also announced plans to burn 10 million tokens within the first week using a prediction program, which is 1% of the initial total supply.

30% Allocation to Founders... 6-Month Lock-Up Followed by 24-Month Vesting

According to the tokenomics disclosed by the project, the total supply of LAPTOP is 1 billion tokens.

Of this, 300 million tokens were allocated to the founders, representing 30% of the total supply. This allocation will be locked for 6 months and will vest sequentially over the next 24 months.

Another 30% is allocated to a prediction program targeting political, cultural, and digital asset-related events. If specific outcomes occur, the related tokens will be burned; otherwise, they will be allocated to charity. According to the project's public materials, the tokens targeted for burning in the prediction program have not yet vested.

2% of the total supply is allocated for wallets that incurred losses from the TRUMP meme coin. 8% will go to users who meet eligibility criteria among subscribers of Biden's 'Where's Hunter' Substack newsletter. The remaining 10% is allocated for future airdrops, with recipients determined at the foundation's discretion.

Nansen Reports $117,800 in Unrealized Losses... 60% of Top Wallets are New

On-chain data revealed significant unrealized losses for some investors immediately after the launch.

According to Cointelegraph, data shared by blockchain analytics firm Nansen on the 10th showed that one wallet holding LAPTOP recorded an unrealized loss of $117,800. Another wallet had an unrealized loss of $12,300.

Conversely, wallets with unrealized gains of $13,100 and $1,800 were also identified. Among the five wallets analyzed by Nansen, four of those addresses had not sold LAPTOP at the time of data collection.

There was also a significant disparity between the number of buy and sell transactions. Nansen reported that during the 24-hour period analyzed, there were 46,675 buy transactions and 16,038 sell transactions for LAPTOP. Unique buyers numbered 20,085 addresses, while unique sellers totaled 8,714 addresses.

Blockchain analytics platform BubbleMaps stated on the 9th that 60% of the top wallets holding LAPTOP had no prior activity records.

BubbleMaps defined 'new wallets' as those that received funds within the last 10 days. Most of these wallets were found to have received funds on the day of LAPTOP's launch.

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