Key facts
- Hunter Biden stated the $LAPTOP memecoin was launched to troll the Trump family and similar projects.
- Founder tokens for the $LAPTOP memecoin have not moved since launch, according to blockchain data.
- Market makers profited significantly from the $LAPTOP token's price volatility shortly after its September 9 launch.
- One market maker reportedly made $686,000, while another gained approximately $2.18 million more than spent.
- A launch report indicated that cash available for sellers dropped to zero 84 seconds after the price topped out.
- Hunter Biden stated he intended to commit 5% of tokens for charity and hoped to "piss off Don and Eric."
Hunter Biden, son of former US President Joe Biden, has provided a detailed account of the $LAPTOP memecoin he helped launch last month, which is based on reports of his infamous laptop. In a series of X posts on Wednesday, Biden shared blockchain data indicating that 300 million tokens associated with the founders of the $LAPTOP memecoin have remained untouched since the project's inception.
Biden explained that charts tracking the memecoin's price shortly after its September 9 launch resembled those of typical "celebrity rug pulls." He identified unnamed market makers, described as "two professional trading firms" hired by the project, as the primary beneficiaries. These firms allegedly withdrew their funds mere seconds after the token reached its peak price of approximately $317.
According to Biden's posts and a "launch report" prepared by Delaware-based intelligence consultancy Groom Lake, one market maker profited $686,000 from liquidity positions on decentralized exchanges. The other market maker reportedly gained about $2.18 million more than it spent. The report stated, "The money for sellers was pulled right after the peak," noting that cash available for those trying to sell near the current price dropped from $16,157 to zero within 84 seconds of the price topping out.
Biden stated his motivation for the project was to "troll every grift like" Donald Trump's memecoin, which he characterized as "max extraction." He emphasized transparency, a commitment to a token lock-up, and the publication of a MiCA disclosure. Biden also expressed hope that the project could benefit charities he supports. He further indicated he was motivated to continue the project "just to piss off Don and Eric," referring to Donald Trump Jr. and Eric Trump, and "every [Key Opinion Leader] who called it a scam because we refused to pay them."
The $LAPTOP memecoin's namesake is derived from Biden's laptop, which was a subject of significant media attention prior to the 2020 US Presidential election. Biden has been a vocal critic of the Trump family's crypto company, World Liberty Financial, labeling it "corruption at a scale we’ve never seen." The article also notes that President Trump is preparing to host an event for his own memecoin holders, Official Trump (TRUMP), which has also faced accusations of being a rug pull and corruption.