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Hunter Biden denies profiting from LAPTOP memecoin after crash
The LAPTOP team said it would deploy 4 million tokens as liquidity incentives and blamed launch volatility on “snipers” and thin liquidity, after the token fell more than 95% in its first hour.
Hunter Biden denied profiting from his “LAPTOP” memecoin after the token’s launch-day price crash, saying neither he nor his team had sold any tokens. Cointelegraph reports that Biden wrote on X that his allocation is locked and that he personally had not made a dollar.
The project faced accusations from users who claimed the move was a “rug pull” after the memecoin lost more than 95% of its value in the first hour of trading on Wednesday. At the time of writing, Cointelegraph said the new token traded around $0.8562, citing CoinGecko data.
Biden attributed the rapid price drop to insufficient liquidity and “snipers,” described as trading bots that buy quickly when trading opens. Cointelegraph also cited Nansen findings that showed a $117,800 unrealized loss in one wallet linked to the situation.
Cointelegraph reported that the LAPTOP team said it held no token presale and made no allocations to investors or influencers, adding that its contract address, token allocations, a Hacken security audit, and a white paper were published before trading began. The team said it would deploy 4 million tokens, or 0.4% of total supply, as liquidity incentives for Aerodrome pools starting at midnight UTC on Thursday, and it also discussed plans to burn additional tokens.