Hunter Biden says $LAPTOP project continues despite 97.8% collapse

$LAPTOP, a new token hoping to make its way to the list of recognized and trustworthy digital assets, briefly climbed to nearly $200 after launching on Base before falling to about $4.36 within its first hour of trading. Its fully diluted valuation initially approached $200 billion, although the figure was distorted by the token’s limited liquidity. After the collapse, the implied valuation fell to roughly $5 billion.

Liquidity remained relatively small compared with the token’s implied valuation. The official Aerodrome pool held around $83,000 in USDC, while the Uniswap pool had approximately $380,000 in USDC. Uniswap liquidity only became active after $LAPTOP had already lost more than 90% of its value.

Following the crash, Hunter Biden said the foundation’s account had been suspended and that the project was not stepping away from the token.

“Our foundation's account is suspended. The foundation isn't stepping away from $LAPTOP,”

Biden said, adding that the foundation was working to restore the account and would use Medium to communicate in the meantime.

The launch itself was closely tied to the controversy surrounding Hunter Biden's, which was left at a repair shop to become a source of various leaks.

Biden also used the project to criticize Trump’s $TRUMP memecoin. The $LAPTOP distribution includes an allocation for people who lost money on $TRUMP, directly connecting the two projects.

The token has a total supply of 1 billion tokens. Around 20% is allocated for community airdrops, while 30% is connected to a series of predetermined events. Depending on whether those events occur, tokens can either be burned or sent to charity. Another 50 million tokens are designated for charity regardless of the outcome.

The project also warns buyers not to expect Biden or anyone associated with the foundation to increase the token’s value.

Around 30% of the supply is allocated to the founders, including Biden, with those tokens locked for six months before vesting over two years.

As of September 10, 06:00 PM GMT, $LAPTOP is trading at around $0.7654, down 84% as the token struggles to recover from its sharp post-launch sell-off. Trading volume, however, had jumped 187%, suggesting that market activity was picking up as traders moved in following the steep decline.

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