Biden Crypto Token Drops 95 Percent After Launch
Hunter Biden's new token lost over 95 percent of its value within hours of going live. The price crashed from a peak of $222.75 to $1.34 by midafternoon Wednesday.
Hunter Biden's new novelty crypto token lost more than 95 percent of its value within hours of its launch. The asset started trading at $37.26 on Wednesday morning. It briefly spiked to $222.75 within minutes of becoming available. By midafternoon, the price had fallen to $1.34. This sharp decline occurred despite the creator's initial promotion of the asset as a tool for charitable donations.
Critics immediately compared the offering to the meme coin launched by President Donald Trump. Biden had previously called the Trump token a "grift" in a social media post. He stated that he did not expect to make the token more valuable for buyers. Instead, he framed the asset as a symbol of personal recovery and resilience. The name of the coin, $LAPTOP, references a device that was the subject of political controversy before the 2020 election.
Market Data Reveals Sharp Losses
Data from CoinMarketCap tracked the rapid price movement of the new token. The asset experienced extreme volatility during its first few hours of trading. The drop from its peak price represents a significant loss for early participants. Biden later blamed predatory traders and technical issues for the initial price surge. He claimed the price had stabilized to a healthy level by late afternoon.
Comparison To Trump Coin Performance
President Trump's $TRUMP token generated $636 million in sales last year. That amount accounted for more than one-fourth of his reported minimum revenue. However, data from Chainalysis shows that most buyers lost money on the asset. Approximately 764,000 crypto wallets recorded losses, while only 58 buyers realized significant profits. The Trump token is currently trading at $2.15, while his wife's token is valued at 11 cents.
Regulatory Risks And Fraud Allegations
Market observers have described such assets as potential pump-and-dump schemes. Critics argue that creators often hype the coin before selling their holdings. The Commodity Futures Trading Commission has the authority to bring civil charges in cases of fraud. GN markets/crypto (en-US) notes that these instruments lack intrinsic value and rely entirely on speculation. The rapid decline of Biden's token mirrors the volatility seen in other political meme coins.
