Memcoin $LAPTOP, launched by former US President Joe Biden's son Hunter on September 9, has plunged nearly 100% since the start of trading, according to data from CoinGecko.
As of 4:20 p.m. Eastern time, memcoin had fallen 98%, falling to $3.67.
Memcoin was trading at $199.51 at the start of trading, according to CoinGecko data as of 3:00 p.m. Eastern time.
About memecoin
The coin's name refers to Hunter Biden's laptop, which was at the center of a political scandal in 2020. Before the 2020 presidential election, the New York Post published a story based on confidential email correspondence between Hunter Biden. Former lawyer for current US President Donald Trump, Rudolph Giuliani, said that he received copies of correspondence from the hard drive of Hunter Biden's laptop from the owner of a repair shop in Delaware, verified the authenticity of these materials and gave them to the New York Post. According to the media, the correspondence indicates that Hunter Biden is trying to take advantage of his father's official position for his own business interests. A number of photos and videos of Hunter Biden using drugs and drinking alcohol were also found on the laptop.
The token was issued on the Base network, created by the crypto exchange Coinbase. The founders of the project, including Hunter Biden, will receive 30% of the total supply of 1 billion tokens, with these coins locked up for six months and fully unlocked within two years. Another 20% is planned to be distributed among wallet owners who lost money on the TRUMP memecoin, as well as among Hunter Biden’s subscribers and other project participants.