Last month, Hunter Biden, son of former US President Joe Biden, announced his entry into the cryptocurrency market, bringing the laptop controversy—which became one of the most debated topics in US politics before the 2020 presidential election—to the cryptocurrency world.
However, the token’s launch ended in complete disappointment. The LAPTOP memecoin experienced sharp price fluctuations and a subsequent decline immediately after its release.
Launched on the Base network on September 9th, the token surged from approximately $0.05 to $317 in less than two minutes. However, this rise was short-lived, and LAPTOP lost about 98% of its value from its peak within its first hour of trading.
Hunter Biden Releases Report on Laptops!
In a post on his Hunter Biden X account, he stated that the report was prepared by Groom Lake at the request of the project team.
This report stated that initial low liquidity played a significant role in price movements.
Biden, in response to the report, attributed the drop in laptop prices to market makers and said he would continue with the project.
Biden said that a wallet, described in the report as “Market Maker 1,” received $500,000 prior to its launch but only used about $5,200 of it in opening liquidity positions.
This means the pool opened with approximately 30,000 tokens (which represents 0.003% of the token’s 1 billion supply), and Biden argued that this made driving up the price about 1,000 times easier than exiting the market.
“…And so it went from 5 cents to about $317 in less than two minutes. It increased by more than 600,000 percent, then dropped by 98 percent within an hour. There simply wasn’t enough liquidity.”
Biden stated that after LAPTOP reached its peak, Market Maker 1 withdrew money from the pool, after which the crash occurred.
At this point, Biden noted that market maker 1 withdrew from the pool with a profit of $686,000, while the second market maker earned $2.1 million from DEX transactions.
“It Should Be Taken Back and Burned”
Hunter Biden blamed the market maker for what happened, saying the company should buy back and burn the tokens. However, Biden added that the final responsibility lies with him and that the 300 million LAPTOP tokens allocated to the founders were not moved during the collapse. Finally, Biden stated that he would not be leaving the project and would continue working on LAPTOP.
*This is not investment advice.
