Hunter Biden memecoin debuts on Base, slumps 86.5% in early trading

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Hunter Biden memecoin LAPTOP slumps

Highlights

LAPTOP token debuts on Coinbase's Base network, plunging 86.5% from $199.50 to $26.88 within 30 minutes on Aug. 22.
LAPTOP launches as a digital collectible without utility, rights, or yield, distributing 1 billion tokens with 30% locked for founders including Hunter Biden.
20% of LAPTOP's supply is set for airdrops, with 2% allocated to TRUMP token losers and 8% to Biden's Substack subscribers, amid immediate criticism and accusations of hypocrisy.

LAPTOP launch and token structure

As reported by Cointelegraph, citing CoinGecko data, LAPTOP trades at $26.88 at 12:30 p.m. UTC after opening at $199.50, a decline of 86.5% within its first 30 minutes on the market. The token is issued on Coinbase's Base network and enters trading as Hunter Biden says on X that the symbol once used against him is now meant to represent resilience, redemption and recovery.

Biden says he understands skepticism around memecoins, calls President Donald Trump's token a "grift" and warns buyers not to expect him or others to make LAPTOP more valuable. The project is presented as an effort to reclaim the "laptop narrative," linked to a MacBook reportedly left at a Delaware repair shop in 2019 and later used by Trump allies against Hunter Biden and then-candidate Joe Biden ahead of the 2020 election.

Project disclosures describe LAPTOP as a digital collectible with no utility, ownership rights, voting rights, yield or profit-sharing rights. The token has a fixed supply of 1 billion, with 350 million in circulation at launch, while founders including Biden receive 300 million tokens, or 30% of supply, locked for six months and then vested monthly over the following 24 months.

Another 30% of supply is tied to political, cultural and crypto predictions, with tokens set to be burned if specified outcomes occur and released to charity if they do not. The disclosures also set 20% of total supply for airdrops overall, including 2% for wallets that lost money on TRUMP and 8% for eligible subscribers to Biden's "Where's Hunter" Substack newsletter.

Crypto backlash and political implications

Criticism follows the launch almost immediately after Biden had previewed the token earlier this week with a montage of media coverage tied to the laptop saga. Digital investigator Stephen Findeisen, known as Coffeezilla, calls LAPTOP a "shitcoin," while another X user tells Biden there is still time to reverse course.

Base founder Jesse Pollak says on X that the project contacted his team, but Base made a conscious decision not to help with the token's design or promotion. Biden does not respond to a query from Cointelegraph before publication.

The launch also sharpens accusations of hypocrisy after Biden's earlier criticism of Trump-linked crypto ventures. In an Aug. 21 post, Biden accuses World Liberty Financial of using political influence, centralized controls and leverage to benefit its founders, but he is now backing a memecoin built around his own political identity with a sizable founder allocation.

Our earlier coverage examined the intensifying lobbying battle around the Senate’s upcoming procedural vote on the Clarity Act, with crypto advocates and banking groups pressing lawmakers in their home states during the recess. We noted how industry-aligned organizations mobilized tens of thousands of constituent contacts and local events, while community banks warned that parts of the bill—especially around stablecoins—could undermine safeguards and traditional lending.

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