Hunter Biden's $LAPTOP Meme Coin Tanks

Hunter Biden's entry into the meme-coin craze went south in record time. His new cryptocurrency token, $LAPTOP, shed nearly all its value within minutes of its Wednesday debut, sliding from about $190 a token to under $2, reports the Washington Post. Bloomberg cites traders who sent "the token up before inevitably sending it down" for the steep decline. Biden had pitched the coin as a way to reclaim the "laptop" narrative, build community, support charity, and aid people who, he claimed, lost money on President Trump's $TRUMP coin. "They turned laptop into a weapon. I turned it into a token," wrote Biden on X on Tuesday.

Instead, blockchain analytics firm Bubblemaps says roughly 80% of traders lost money, with more than 15,000 wallets in the red and the token supply heavily concentrated before launch—conditions ripe for a rapid sell-off. "Our foundation's account is suspended," wrote Biden on X on Wednesday. "The foundation isn't stepping away from $LAPTOP. We are working on getting the account fixed." The coin was trading at $.79 Thursday morning, per CoinGecko.