A cryptocurrency token launched by Hunter Biden, the son of the former president, abruptly lost almost all of its value within minutes of its debut Wednesday morning.
Earlier this week, the younger Biden had touted the launch of the $LAPTOP meme coin, saying it was a way to reclaim a symbol that had defined news coverage about him when his father was president. He also suggested that the meme coin would be about building community, benefiting charity and helping those who had “lost money on the $TRUMP grift,” referring to President Donald Trump’s own meme coin launch.
Instead, the value of Biden’s meme coin plummeted from a high of about $190 per token to less than $2 per token. About 80 percent of traders who bought Biden’s cryptocurrency token Wednesday lost money, according to the blockchain analytics platform Bubblemaps, which described it as “bloodbath.”
Bubblemaps CEO Nicolas Vaiman said more than 15,000 crypto wallets, or accounts, had lost money on $LAPTOP, and that the supply of tokens was “extremely concentrated” before launch, making it vulnerable to a “dump,” or rapid sell-off.
Biden, who in recent months has been a prolific social media poster and appeared on numerous podcasts, has not publicly commented on the $LAPTOP coin since its launch. Representatives for Biden did not immediately respond to interview requests Wednesday.
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The post Hunter Biden’s ‘$LAPTOP’ crypto coin crashes minutes after launch appeared first on Washington Post.
