Hunter Biden has denied profiting from his LAPTOP memecoin after the token lost more than 95% of its value during the first hour of trading on Wednesday. He said neither he nor his team had sold any tokens.

Several users on X accused the LAPTOP project of a “rug pull” following the launch-day crash. At the time of writing, the token was trading at $0.8562, according to CoinGecko data.

“The team’s allocation is locked. Nobody on our side sold, and nobody could have,” Biden said in an X post on Wednesday. “I, personally, have not made a single dollar.”

Biden attributed the price action to insufficient liquidity and “snipers,” referring to trading bots that quickly buy tokens when trading begins.

The Base-based memecoin takes its name from a MacBook that Hunter Biden reportedly left at a repair shop in 2019. Trump allies used New York Post reporting about files purportedly recovered from the device against Hunter Biden and his father, former US President Joe Biden, during the 2020 election.

Before launching LAPTOP, Biden criticized the Trump family’s crypto ventures. In an Aug. 21 post, he said World Liberty Financial had used political influence and leverage to benefit its founders.

Biden did not respond to Cointelegraph’s request for comment.

LAPTOP team announces liquidity incentives and token burns

The LAPTOP team defended the launch in a community update, claiming that it had held no token presale and made no allocations to investors or influencers. It said the contract address, token allocations, a Hacken security audit and a white paper had been published before trading began.

“There was no stealth deployment, no hidden supply, and no surprise to benefit insiders,” the team said in a Medium post.

The team said the initial liquidity pool launched at $0.05 per token, but that the market maker’s liquidity was insufficient to meet demand.

LAPTOP said it would deploy 4 million tokens, representing 0.4% of the total supply, as liquidity incentives for Aerodrome pools starting at midnight UTC on Thursday. It also announced plans to burn 10 million tokens within the first week after launch through its predictions program. That amount represents 1% of the original total supply.

According to the project’s disclosures, founders were allocated 300 million tokens, or 30% of the 1 billion-token supply. Those tokens are locked for six months and then vest monthly over the following 24 months.

Another 30% of the supply is allocated to predictions tied to political, cultural and crypto events. Tokens are burned when specified outcomes occur and are allocated to charity otherwise. The disclosures state that prediction-related burns affect unvested tokens.

The disclosures also reserve 2% of the total supply for wallets that lost money on the TRUMP memecoin and 8% for eligible subscribers to Biden’s “Where’s Hunter” Substack newsletter. A separate 10% is allocated to future airdrops at the foundation’s discretion.

The project’s stated next steps are the Aerodrome liquidity incentives and the planned token burns, while the founder allocation remains subject to the disclosed six-month lockup and 24-month vesting schedule.

Nansen tracks wallet losses as Bubblemaps flags fresh holders

Nansen data shared with Cointelegraph on Thursday showed that one LAPTOP wallet had an unrealized loss of $117,800, while another had a paper loss of $12,300. Two other wallets showed unrealized gains of $13,100 and $1,800.

None of those four addresses had sold LAPTOP at the time of the snapshot. The analysis covered five selected wallets.

Nansen also recorded 46,675 buy transactions and 16,038 sell transactions during the 24-hour period covered by its data. The transactions involved 20,085 unique buyers and 8,714 unique sellers.

Meanwhile, blockchain analytics platform Bubblemaps said in a Wednesday post that 60% of LAPTOP’s top-holder wallets had no prior activity. In a follow-up post, the platform defined “fresh” wallets as those funded within the previous 10 days and said most had been funded on launch day.