LAPTOP, a memecoin launched by Hunter Biden, fell about 99.6% from its launch peak after losing almost all of its value within hours. Hunter Biden denied that he or members of his team sold tokens or profited from the project.

CoinGecko data showed LAPTOP trading near $0.77 on Sept. 10, down from an all-time high of $199.51 recorded one day earlier. The collapse followed a launch that drew scrutiny over pre-market token movements, project-held supply and the distribution of tokens.

On-chain records showed millions of LAPTOP tokens moving from a project-tagged wallet before and around the launch. However, those transfers do not by themselves establish that Biden or the founders sold their locked allocations.

Hunter Biden Denies Selling LAPTOP Tokens

Hunter Biden issued a statement after LAPTOP plunged more than 99% within two hours of its launch. In a post on X, Biden denied allegations that he and his team had sold tokens or made money from the cryptocurrency.

Biden said the team’s token allocation remained locked and that no one associated with the project had sold tokens or could have done so.

“I, personally, have not made a single dollar,” Biden said, while maintaining that the project would continue despite the sharp price decline.

“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.

Biden launched LAPTOP in support of investors who collectively lost more than $3.8 billion in the TRUMP memecoin. LAPTOP is tied to the well-known 2020 controversy involving Biden’s laptop, but its launch has not improved the situation for investors.

According to CoinGecko, LAPTOP was trading at about $0.76 at press time. Founders, including Hunter Biden, were allocated 30% of the token supply. Those tokens are locked for six months before vesting over two years.

A further 20% of the supply was reserved for airdrops, including distributions to Substack subscribers and wallets that lost money on $TRUMP.

Bubbлемaps said that roughly 80% of traders lost money. The company also found that 60% of the top holders were newly created wallets with no prior on-chain activity.

Project-Linked Wallet Draws Scrutiny

Although Biden said he and his team had not sold LAPTOP from their holdings, on-chain activity has prompted further questions. A Community Note attached to Biden’s X post claimed that a wallet linked to the project received 100 million tokens before the launch and later sold approximately 42.5 million.

The project-tagged wallet distributed 42.5 million LAPTOP before and around the launch, according to the reported on-chain records. The transfers, however, do not prove that insider selling occurred or that the founders sold their locked allocations.

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

The project’s foundation account on X has since been suspended. Biden said the foundation remained committed to LAPTOP and would publish updates on Medium until the account was restored.

As the dispute continues, the main points available for verification are the project’s stated lockup schedule, wallet movements, token distribution and any further disclosures from the foundation. These records can help distinguish transfers involving project-linked wallets from confirmed sales by founders or other insiders, which have not been established by the reported activity.

Traders Report Heavy Losses

On-chain data also showed substantial losses among traders who bought LAPTOP at higher prices. 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.

In another incident reported by Lookonchain, a trader spent $170,000 to buy 28,448.72 LAPTOP tokens at $5.97 each after the memecoin had already fallen 98%.

That position was valued at just $21,338 in the report, representing a decline of more than 85% from the trader’s purchase price.

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

Source: The Market Periodical