Hunter Biden launched the LAPTOP memecoin on the Base network, which saw a rapid price drop of 86.5% within its first 30 minutes of trading on Wednesday. According to CoinGecko, the token opened at $199.50 and fell to $26.88 by 12:30 pm UTC, generating a trading volume of over $2.5 million.
Biden described the token as a digital collectible with no utility, voting rights, or profit-sharing. The project has a fixed supply of 1 billion tokens, with 350 million in circulation at launch. Founders, including Biden, are allocated 300 million tokens, or 30% of thes supply, which are locked for six months and then vested monthly over the next 24 months.
Another 30% of the supply is linked to political and crypto predictions; tokens are burned if outcomes occur and donated to charity if they do not. A total of 20% is allocated for airdrops, including a specific 2% allocation for wallets that lost money on the TRUMP token.
The launch was met with criticism from digital investigator Coffeezilla, who labeled the project a 'shitcoin'. Base founder Jesse Pollak stated that while the project team contacted them, Base made a conscious decision not to assist with the design or promotion of the token.