Former first son Hunter Biden lashed out online after his $LAPTOP meme coin crashed roughly 98% on its first trading day, blaming a market maker misstep and automated bots for the steep plunge. The token, named in a nod to the laptop controversy surrounding Biden and his father, former President Joe Biden, opened on the Base blockchain.
Hunter Biden Defends $LAPTOP Token After 98% Price Collapse
According to Fox Business, the pool opened at $0.05 per token on Wednesday, but thin starting liquidity and predatory sniper bots drove an initial price spike before the asset cratered. On-chain analytics firm Bubblemaps reported that roughly 80% of $LAPTOP traders finished underwater, with thousands of investors taking losses while a mystery trader turned a roughly $250,000 bet into $1.18 million within minutes.
Tokenomics, Team Defense, and the Medium Statement
In a video posted on X, Biden stated that the project’s market maker put in only $5,000 of liquidity at launch while demand was through the roof.
The project’s team published its official response on Medium after X suspended the project’s official account. The foundation emphasized that insiders bought nothing early, noting that founders hold 30% of the supply under a six-month lockup and a two-year vest at Coinbase Custody, with no presale or allocations handed to investors or influencers.
The project team explicitly warned buyers in its launch update, writing: You should not expect us or anyone else to make this token more valuable for you.
Despite the severe downturn, Biden stated that he plans to stick with the project and repair the damage. The foundation announced plans to deploy 4 million tokens into Aerodrome pools and burn 10 million tokens following resolved prediction events to help reduce circulating supply.
Broader Political Meme Coin Precedents
The dramatic collapse drew comparisons to other high-profile political meme coins that soared and quickly plummeted. Business Insider noted that former New York City Mayor Eric Adams faced criticism over NYCToken, which plunged 80% within minutes of launch, while Donald Trump’s $TRUMP coin and Melania Trump’s token have also suffered steep declines from their all-time highs.
David Weisberger, co-founder of trading platform CoinRoutes, told Business Insider that he viewed the launch as predictable, comparing it to other high-profile meme coin routs.
Regulatory Landscape and Lack of SEC Oversight
Investors looking for regulatory intervention following the collapse will likely find no relief from federal securities regulators. According to Cryptopolitan, a February 2025 staff statement from the SEC’s Division of Corporation Finance ruled that meme tokens do not meet the Howey test’s requirements and are therefore not classified as securities.
The staff statement noted that neither meme coin purchasers nor holders are protected by federal securities laws. While the ruling protects creators and shields the SEC from intervening in tokens like $TRUMP, MELANIA, and $LAPTOP, legal analyses note that fraud remains open to enforcement by the Department of Justice, the Commodity Futures Trading Commission, and state regulators.