LAPTOP memecoin crash erased more than 95% of its value in the first hour. Hunter Biden denied profiting from the token. Consequently, he said neither he nor his team sold tokens.
Why the LAPTOP memecoin crash happened
Several X users accused the project of a “rug pull.” This happened after the memecoin lost most of its value on Wednesday. At press time, the token traded at $0.762. Meanwhile, CoinmarketCap data confirmed the price.
However, Biden responded in an X post Wednesday. “The team’s allocation is locked,” he said. “Nobody on our side sold, and nobody could have.” He also said, “I, personally, have not made a single dollar.”
Biden blamed insufficient liquidity and “snipers.” These are trading bots that buy tokens when trading opens. Additionally, the memecoin takes its name from a MacBook. Specifically, Hunter Biden reportedly left it at a repair shop in 2019. Consequently, Trump allies used New York Post reporting on the device during the 2020 election.
Before launching his own memecoin, Biden criticized Trump family crypto ventures. For example, he said in an August 21 post that World Liberty Financial used political influence. He said the project benefited its founders.
LAPTOP team announces liquidity incentives and token burns
The LAPTOP team defended the launch in a community update. First, it claimed no token presale occurred. Additionally, it said no allocations
went to investors or influencers. Moreover, the team published the contract address, token allocations, a Hacken audit, and a white paper. It did this before trading began.
“There was no stealth deployment, no hidden supply, and no surprise to benefit insiders,” the team said in a Medium post. It claimed the initial pool launched at $0.05 per token. However, the market maker’s liquidity was insufficient to meet demand.
LAPTOP added it would deploy 4 million tokens as liquidity incentives. That equals 0.4% of the total supply. The incentives start at midnight UTC on Thursday. Consequently, the tokens will support Aerodrome pools. The project also plans to burn 10 million tokens within the first week. That equals 1% of the original total supply.
For instance, founders received 300 million tokens, or 30% of the 1 billion supply. Those tokens lock for six months. They then vest monthly over the following 24 months. Meanwhile, another 30% goes to predictions tied to political, cultural, and crypto events. The project burns tokens when specified outcomes occur. Otherwise, it allocates them to charity. The disclosures say prediction-related burns affect unvested tokens.
Furthermore, the project reserved 2% of total supply for wallets that lost money on TRUMP memecoin. Similarly, it reserved 8% for eligible subscribers to Biden’s “Where’s Hunter” Substack. Finally, a separate 10% goes to future airdrops at the foundation’s discretion.
Nansen tracks wallet losses as Bubblemaps flags fresh holders
Nansen data showed one LAPTOP wallet with an unrealized loss of $117,800. Meanwhile, another wallet had a paper loss of $12,300. In contrast, two other wallets showed unrealized gains of $13,100 and $1,800. Notably, none of those four addresses had sold LAPTOP at the snapshot. Additionally, the analysis covered five selected wallets.
Nansen recorded 46,675 buy transactions and 16,038 sell transactions. This happened during the 24-hour period covered by its data. Consequently, the activity involved 20,085 unique buyers and 8,714 unique sellers.
Meanwhile, Bubblemaps said Wednesday that 60% of LAPTOP’s top-holder wallets had no prior activity. In a follow-up post, it defined “fresh” wallets as those funded within 10 days. It said most received funding on launch day.