The meme coin LAPTOP, launched by Hunter Biden, the son of former U.S. President Joe Biden, made headlines after a sharp, rapid drop in its price immediately following its launch.
Loss data according to Bubblemaps
According to data published by the blockchain analytics platform Bubblemaps, around 80% of investors who bought and sold the coin incurred losses, and the platform described the market situation as “a massacre.”
According to the profit and loss figures shared by the platform:
- Two investors lost between $100,000 and $1 million
- About 100 investors lost more than $10,000
- About 700 investors lost more than $1,000
- About 11,000 other investors incurred smaller losses
Political reactions: Eric Trump mocks the incident
The collapse in the LAPTOP coin’s price also drew the attention of political figures, as Eric Trump, the son of President Donald Trump, reposted a post addressing the currency’s crash, as part of mocking Hunter Biden.
In his post, Eric Trump wrote that Hunter should “get back to the drawing board” — a nod to Hunter Biden’s earlier art pieces, which sparked widespread controversy due to their high sale prices.
The reposted post that Eric Trump shared indicated that the price of the LAPTOP coin fell by nearly 98% within just minutes of its launch. The post also stated that the project planned to distribute LAPTOP tokens to some investors who had lost money in the TRUMP meme coin previously launched by Donald Trump.
Project background
The LAPTOP project is inspired by Hunter Biden’s “laptop matter,” which was at the center of major political controversy in the United States during 2020.