Hunter Biden Defends $LAPTOP After Token Falls 99.5% at Launch

Hunter Biden defended $LAPTOP after the memecoin fell 99.5% within minutes of its launch, saying the project still has significant value and can pursue its original objectives.

During a Sunday interview on the “Soul Boom” YouTube channel, Biden said the token had not “completely crashed and burned” and put its fully diluted valuation at about $252 million.

He said $LAPTOP moved from a $50 million valuation to $23 billion after relatively small purchases before briefly reaching a market capitalization of about $316 billion. Biden attributed the extreme move to insufficient liquidity from the market maker.

At press time, $LAPTOP was trading at $0.08215, down 1.73% over 24 hours and 99.98% below its $401 all-time high.

$LAPTOP launched on Base on Sept. 9 with a total supply of 1 billion coins. Insiders received 30% of the supply for liquidity, with withdrawals restricted for a set period. Another 20% was intended for community distribution, while a portion was designated for charitable causes.

Biden said automated “snipers” accounted for about 95% of the initial trading activity rather than human investors. He acknowledged that investors lost money and said an independent third party would publish the wallets involved in trading.

“I will literally show completely transparently every single wallet that traded on it to make it clear that no one that has any control over this coin has made any money in it, and anybody that lost money in it, I’m going to be able to identify and hopefully make right,” Biden said.

Biden has also said LAPTOP team wallets had not sold tokens as the token’s market value declined. He previously said team tokens were locked for six months and would then vest over two years.

“I’m absolutely certain that the coin itself still has the ability to do what I set out and the intention that I had for it,” Biden said.