LAPTOP Memecoin Falls 99% as Hunter Biden Denies Insider Sales

Hunter Biden denied selling LAPTOP tokens after the memecoin lost almost all of its launch-day value. CoinGecko showed LAPTOP near $0.77 on Sept. 10 after an all-time high of $199.51 one day earlier. The collapse pushed the token down roughly 99.6% from its peak.

The launch also drew scrutiny over pre-market token movements and the distribution of project-held supply. On-chain records showed millions of LAPTOP tokens moving from a project-tagged wallet before trading opened. However, those transfers do not establish that Biden or the founders sold their locked allocation.

Hunter Biden Denies Selling LAPTOP Memecoin

Hunter Biden issued a statement after his LAPTOP memecoin plunged more than 99% within two hours of its launch. Biden Jr. denied the allegations that he and his team sold any tokens or profited from the cryptocurrency.

Biden said the team’s token allocation remains locked, adding that no one associated with the project sold tokens or could have.

“I, personally, have not made a single dollar,” Biden said, while maintaining that the project would continue despite the sharp price collapse. “The journey is far from over. We built this community for the long game, and that’s exactly how we’re playing it. I’m going to keep doing what I do best: ignoring the noise, and reclaiming the narrative,” he added.

Hunter Biden launched the LAPTOP memecoin in support of investors who lost over $3.8 billion collectively, in TRUMP memecoin. However, Biden’s LAPTOP memecoin, tied to the famous 2020 controversy, has not improved the situation for investors.

As per data from CoinGeckco, the LAPTOP memecoin is trading at $0.76 at press time. Founders, including Hunter Biden, were allocated 30% of the token supply. These tokens are locked for six months before vesting over two years.

Another 20% of the supply was reserved for airdrops, including allocations for Substack subscribers and wallets that lost money on $TRUMP.

Bubblemaps found that 80% of traders lost money, while 60% of the top holders were newly created wallets with no prior on-chain activity.

Is Hunter Biden Bluffing About LAPTOP Memecoin Selling?

Although Hunter Biden stated that he and his team haven’t sold any LAPTOP memecoins from their holdings, the on-chain data suggests otherwise. A Community Note on Hunter Biden’s X post claims that a project-linked wallet received 100 million tokens before the launch and has since sold approximately 42.5 million.

Biden described reports of a 99% crash and rug pull as “far from the truth.” He attributed the initial price spike to thin launch liquidity, technical issues, and snipers.

Meanwhile, the project’s foundation account on X has been suspended. Hunter Biden said the foundation remains committed to LAPTOP and will publish updates on Medium until the account is restored.

Whales Look Big While Betting on Biden’s Memecoin

On-chain data show that some whales have lost big while betting on Hunter Biden’s memecoin. Lookonchain flagged a wallet that withdrew $250,000 from Binance and spent $200,000 to purchase 919 tokens at $218 each. The position later fell in value to approximately $3,000.

Earlier today, LookonChain reported another such incident in which a trader spent $170,000 to buy 28,448.72 LAPTOP tokens at $5.97 each after the memecoin had already crashed by 98%.

As shown in the image above, this position is now sitting at just $21,338, down over 85% from the trader’s buying price.

This article is for informational purposes only and should not be considered financial or investment advice. Memecoins carry extreme volatility, liquidity and loss risks. Readers should conduct independent research before making investment decisions.